Crédit Agricole Corporate and Investment Bank and EDF Trading announce exclusive negotiations to modify their current Trading Cooperation Agreement
London – February 2nd 2012 – Following the recent announcement on Crédit Agricole’s adaptation plan and its project to withdraw from commodities activities, both partners decided to review the terms and conditions of their Trading Corporation Agreement.
They have entered into exclusive negotiations to transform their current JV partnership into a new agreement where EDF Trading will provide energy hedging services globally and directly to Crédit Agricole CIB’s clients alongside the financial services offered by Crédit Agricole CIB.
This demonstrates Crédit Agricole CIB’s commitment to continue accompanying its clients in their strategy and growth and EDF Trading’s readiness to offer these services following Crédit Agricole’s decision to withdraw from commodities activities.
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About Crédit Agricole Corporate and Investment Bank
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s sixth-largest bank by total assets (The Banker, 2011, July). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking.
The bank provides support to clients in large international markets through its network with a presence in major countries in Europe, Americas, Asia and Middle East.
For more information : www.ca-cib.com
About EDF Trading
EDF Trading is a leader in the international wholesale energy markets. It has its own portfolio of assets which give it the ability to source, supply, transport, store, blend and convert physical commodities around the world. These capabilities enable EDF Trading to deliver essential asset optimisation services, risk management and wholesale market access to the EDF Group and its third party customers, helping them to realise the value inherent in their asset portfolios.
EDF Trading is one of the largest participants in the global power, gas, coal, freight and environmental products markets. It is one of the top buyers of carbon credits from global CDM projects and has one of the most mature portfolios in the market. It is the largest importer of coal into Europe, a pioneer in the biomass market, a recognised leader in weather derivatives, one of the largest providers of market services to the wholesale gas and power sectors in North America with 18,000 MW of generation under management and the leading electricity trader in Europe.
EDF Trading is a 100% owned subsidiary of EDF, Europe’s leading electricity producer, a major player in renewable energies, a significant participant in the worldwide revival of nuclear energy with a growing presence in the natural gas industry
For more information on EDF Trading, please visit www.edftrading.com.
Crédit Agricole Corporate and Investment Bank and EDF Trading announce exclusive negotiations to mod