Barclays in commodities trading tie-up with China
UK-based Barclays has signed a five-year alliance with China Development Bank over the trading of commodities.
By Agencies |
LONDON: Barclays, Britain's third biggest bank, said on Wednesday that it has signed a five-year alliance with China Development Bank (CDB) over the trading of commodities.
"With the CDB's strong market position in China and Barclays extensive commodities capabilities, I have no doubt that this arrangement will provide substantial long-term benefits for both parties," Barclays Asia chief executive Robert Morrice said in a statement.
Barclays noted that it has committed to work closely with the CDB to develop commodity trading capabilities within CDB.
China is purchasing vast amounts of commodities, from oil to steel, as its economy continues to grow at breakneck speed.
CDB is a minority stake-holder in Barclays -- which has lost out to a European consortium over the takeover of Dutch lender ABN Amro.
A grouping led by Royal Bank of Scotland on Wednesday declared victory in the takeover battle for ABN Amro, sealing the biggest takeover in banking history.
The bid by the consortium, which also comprises Belgian-Dutch group Fortis and Spain's Banco Santander, valued the Dutch lender at about 100 billion dollars (71 billion euros).
RBS and its partners had effectively won the battle for control of ABN Amro last week when Barclays pulled out.
"With the CDB's strong market position in China and Barclays extensive commodities capabilities, I have no doubt that this arrangement will provide substantial long-term benefits for both parties," Barclays Asia chief executive Robert Morrice said in a statement.
Barclays noted that it has committed to work closely with the CDB to develop commodity trading capabilities within CDB.
China is purchasing vast amounts of commodities, from oil to steel, as its economy continues to grow at breakneck speed.
CDB is a minority stake-holder in Barclays -- which has lost out to a European consortium over the takeover of Dutch lender ABN Amro.
A grouping led by Royal Bank of Scotland on Wednesday declared victory in the takeover battle for ABN Amro, sealing the biggest takeover in banking history.
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The bid by the consortium, which also comprises Belgian-Dutch group Fortis and Spain's Banco Santander, valued the Dutch lender at about 100 billion dollars (71 billion euros).
RBS and its partners had effectively won the battle for control of ABN Amro last week when Barclays pulled out.
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