NEW YORK, NY--(Marketwire - October 5, 2010) - BNP Paribas is pleased to announce that it has fully closed on its purchase of BNP Paribas Energy Trading GP in Houston, formerly known as Fortis Energy Marketing & Trading GP, and that its subsidiary BNP Paribas (Canada) fully closed on its purchase of BNP Paribas Energy Trading Canada Corp. in Calgary, formally known as FB Energy Canada Corp. All regulatory approvals have been obtained that are required for integrating these entities within BNP Paribas Group's long standing Commodity Derivatives operations.
BNP Paribas Energy Trading GP and BNP Paribas Energy Trading Canada Corp., together, are primarily physical trading platforms servicing major power and natural gas markets in North America. The acquisitions are highly accretive in terms of new products and market share and will further enhance the Commodity Derivatives operation's client centric market-making activities. The expanded platform will also enable BNP Paribas to offer producer services and structured solutions which are highly complementary to the Bank's commodity finance and lending activities.
BNP Paribas' Commodity Derivatives business line now includes 100 front-office professionals in North America and 240 worldwide. London and Singapore are key hubs in servicing the Bank's global client franchise for oil and oil products, base and precious metals, agricultural commodities, carbon and investor solutions. BNP Paribas is also a market leader for Commodity Futures execution and clearing requirements.
Commenting on the close, Marc Fontaine, Head of Commodity Derivatives, Americas said, "With the acquisition of these physical energy platforms, the BNP Paribas Group offers a full suite of energy risk-management solutions to the energy & commodity participants in North America, from energy producers and refiners to industrials, utilities, municipalities and investors. Over the years, the Bank has consistently expanded corporate and investment banking services to the energy & commodity sector across the globe. The completed integration of the BNP Paribas Energy Trading entities is a further sign of this strategic commitment."
BNP Paribas Corporate and Investment Banking
BNP Paribas Corporate and Investment Banking employs over 20,000 people in over 50 countries and services 13,000 corporate and institutional clients worldwide.
BNP Paribas CIB excels in:
Derivatives -- where it is one of the leading global players in rates, credit, forex, commodity and equity derivatives
Capital markets -- where it is one of the top European houses in both ECM and DCM (bond, securitization, convertibles and equity issuance)
Structured finance -- where it is amongst the leaders in acquisition, export, project, energy and commodity finance globally
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and about 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
*Rated AA by Standard & Poor's i.e. 3rd rating on a scale of 22.
Contact Information:
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Media Relations, New York
+212.841.3719
Megan Stinson
Media Relations, New York
+ 212.841.3809