Societe Generale’s corporate and investment banking unit has extended its energy offering with acquisitions in North America and Europe. Assets acquired from RBS Sempra Commodities include a ‘state of the art’ IT platform, developed over the last twenty years, which is now claimed to be ‘one of the industry’s benchmark platforms.’ Some 130 energy traders will join SocGen’s commodity market activities, led by Edouard Neviaski.
SocGen Americas CEO Diony Lebot said, ‘With this new development of our commodities business, we will be able to offer the full range of solutions to our North American clients in the energy sector. Clients will benefit from expertise of Jacqueline Mitchell and Michael Goldstein from RBS Sempra and from RBS Sempra’s talent and information technology.’
In Europe, following the end of its partnership with GDF Suez last September, the bank has developed its natural gas and electricity market capabilities through the joint-venture Gaselys. Around fifty senior salespeople, analysts, traders, logistics staff, and support functions have already been recruited. More from www.socgen.com.