JP Morgan (JPM) Moves Closer To Buying RBS Sempra

JP Morgan (NYSE: JPM) has moved closer to buying RBS Sempra’s non-US units for $1.7 billion, according to a Bloomberg report. RBS Sempra is a joint venture between Royal Bank of Scotland (ADR) (NYSE: RBS), and Sempra Energy (NYSE: SRE).

The acquisition will help JP Morgan in building its energy, and metals trading units. The deal may be announced as early as tomorrow. RBS Sempra has been in talks with JP Morgan for a possible acquisition for quite a while now.

RBS Sempra is up for sale after the European Union forced Royal Bank of Scotland to sell its stake in the joint venture as the bank had been bailed out with taxpayers’ money. The UK government owns a 84% stake in Royal Bank of Scotland, which had been hit hard by the financial crisis