Reuters PARIS, Aug 5 (Reuters) – One of China’s top securities brokers has bought parts of the commodities trading unit of French bank Natixis in the latest move by Chinese institutions to expand into natural resources markets.
* Western banks under pressure over commodities
* China expands rapidly in commodities trading
Western banks that trade raw materials face increased regulatory and political pressure, with some market leaders such as JPMorgan considering selling, spinning off or clinching strategic partnerships for their commodities desks.
A Natixis spokeswoman said China’s Shenzhen-listed GF Securities had bought Natixis’ London-based commodities brokerage unit. She added the deal did not include some client-based commodities trading activities at Natixis, which will continue.
A statement posted on the Shenzhen stock exchange website said GF Securities’ wholly-owned subsidiary, Hong-Kong GF Futures, acquired UK’s Natixis Commodity Markets Limited for $36.1 million.