BNP Paribas to take on SocGen OTC metals portfolio in auction deal
BNP Paribas will take on the over-the-counter (OTC) base and precious metal clients of fellow French bank Société Générale (SocGen), which is reducing its commodities exposure, both companies confirmed to Fastmarkets on Tuesday February 11.
SocGen announced last April that it would be closing its OTC and proprietary commodities trading business, including metals
, as part of a global cost-cutting exercise.
BNP acquired the SocGen book, which...