BNP Paribas sells US commodity finance business – Bloomberg

Paris-based BNP Paribas SA sold its book of loans to Mitsubishi UFJ Financial Group Inc., exiting its commodities finance business in the U.S., Bloomberg reported, citing people with knowledge of the situation.

The sale, expected to close in three to six months, includes only the commodities finance loan portfolio and excludes its commodity derivatives platform, the people told the news outlet without disclosing the financial terms of the deal or the number of employees affected.

The decision was consistent with the global bank's strategy in Europe, the Middle East and Africa but "the impact is limited," and BNP remains "deeply committed" to the U.S. and Americas, Bloomberg reported, citing a BNP statement.

Some employees will move to MUFG, while others stay at BNP, the report added.

Representatives of BNP and MUFG Americas Holdings Corp. declined to comment to the news outlet.