RBC expands commodities trading arm with Athena acquisition
TORONTO, April 3
TORONTO, April 3 (Reuters) - Royal Bank of Canada said on Wednesday it has acquired the privately held Athena Energy Group, in a move to expand its commodities sales and trading capabilities.
Canada's largest bank said its acquisition of Athena Energy, a leading natural gas supplier in Quebec, will help expand its own existing business that now offers structured pricing for natural gas supply from Ontario into Quebec.
"This acquisition builds on our existing presence in the market and positions us well for the future," Bruce Macdonald, RBC Capital Markets' head of commodities & electronic trading, said in a statement.
The terms of the deal were not disclosed.
St. Leonard, Quebec-based Athena is made up of two sister companies, Athena Energy Marketing and Athena Energy Services. The company has longstanding relationships with more than 400 commercial and institutional clients in Quebec.