One of China’s largest securities brokers has acquired the commodities division of French bank Natixis in the latest move by a Chinese group to expand into overseas derivatives markets.
The Hong Kong branch of GF Futures, a division of Shenzhen-listed GF Securities, bought the Natixis unit at the end of July for slightly less than $40m in cash, according to an emailed statement and a person close to the deal.
The move is the latest sign of a concerted push among Chinese companies to expand into international commodities markets. Bank of China last year became a member of the London Metal Exchange, while ICBC has since last year been in talks to acquire the commodity trading business of Standard Bank.
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