European banks fall in love with commodity traders
By Jack Farchy, Isis Almeida, Andy Hoffman and Ruben Munsterman
When Marc Rich needed $ 100 million to buy Iranian oil and launch what would become the world’s largest commodities trader, he turned to French bank Paribas. When a group of traders needed cash to take over Vitol and make it the largest oil trader, they turned to Dutch bank ABN.
For half a century, a small group of European banks…
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