) --

Deutsche Bank

(DB) - Get Report

has emerged as a bidder for the joint commodities-trading business of

Royal Bank of Scotland

(RBS) - Get Report


Sempra Energy

(SRE) - Get Report

, a report says.

The deal could be worth about $3 billion, according to bankers, the

Financial Times


The latest round of bids is believed to have been submitted this week, the newspaper reports. Other banks who have shown an interest in the business include


(BCS) - Get Report

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Goldman Sachs

(GS) - Get Report


Morgan Stanley

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The deal would provide Deutsche Bank with a further expansion into commodities as part of a buildout of its investment banking operations, the

Financial Times

notes. For RBS, a sale of its 515 stake in the venture would mark the first of the bank's asset sales ordered by the European Commission under the terms of the bank receiving state aid.

One person close to the matter said Deutsche Bank was talking to both RBS and Sempra, the

Financial Times


-- Reported by Joseph Woelfel in New York.

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