NEW YORK, Jan 11 (Reuters) - RBS Sempra Commodities has agreed to sell some North American power and gas assets to Societe Generale for cash, RBS said in a release on Tuesday.
Royal Bank of Scotland did not disclose the value of the deal, but said the disposal was not material in value.
RBS said the assets included information technology and intellectual property assets, as well as exchange membership seats. RBS representatives were not immediately able to comment on details regarding the exchange seats.
Societe Generale will also take on a team of more than 130 gas and electricity professionals who will join the bank's existing commodity markets activities in its corporate and investment banking unit, headed globally by Edouard Neviaski.
The bank plans to grow its existing commodities businesses, which include energy derivatives and financing, through the acquisition, said Jim Galvin, a bank spokesman in New York.
'This deal brings the physical natural gas and power trading aspect to our North American clients,' he said. 'Now we can provide integrated solutions to our global client network from financing through hedging, including physical off-take.'
The bank plans to bring together more than 100 RBS Sempra employees who are currently in Stamford, Connecticut, and employees in its New York office in one location in New York sometime next year.
Sempra's joint venture with RBS came to an abrupt end in 2009 after RBS was forced to slim down by European Union state aid concerns following a multibillion-dollar bailout by the British government during the financial crisis.
RBS Sempra Commodities was sold mostly to JPMorgan. In July, JPMorgan bought RBS Sempra's global metals and oil business.
(Reporting by Rebekah Curtis in London and Jeanine Prezioso in New York; Editing by Lisa Shumaker) Keywords: RBS/SOCGEN (rebekah.curtis@reuters.com; +44 20 7542 4365; Reuters Messaging: rebekah.curtis.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Royal Bank of Scotland did not disclose the value of the deal, but said the disposal was not material in value.
RBS said the assets included information technology and intellectual property assets, as well as exchange membership seats. RBS representatives were not immediately able to comment on details regarding the exchange seats.
Societe Generale will also take on a team of more than 130 gas and electricity professionals who will join the bank's existing commodity markets activities in its corporate and investment banking unit, headed globally by Edouard Neviaski.
The bank plans to grow its existing commodities businesses, which include energy derivatives and financing, through the acquisition, said Jim Galvin, a bank spokesman in New York.
'This deal brings the physical natural gas and power trading aspect to our North American clients,' he said. 'Now we can provide integrated solutions to our global client network from financing through hedging, including physical off-take.'
The bank plans to bring together more than 100 RBS Sempra employees who are currently in Stamford, Connecticut, and employees in its New York office in one location in New York sometime next year.
Sempra's joint venture with RBS came to an abrupt end in 2009 after RBS was forced to slim down by European Union state aid concerns following a multibillion-dollar bailout by the British government during the financial crisis.
RBS Sempra Commodities was sold mostly to JPMorgan. In July, JPMorgan bought RBS Sempra's global metals and oil business.
(Reporting by Rebekah Curtis in London and Jeanine Prezioso in New York; Editing by Lisa Shumaker) Keywords: RBS/SOCGEN (rebekah.curtis@reuters.com; +44 20 7542 4365; Reuters Messaging: rebekah.curtis.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.