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London - May 13, 2009 - Calyon, the Corporate and Investment Banking arm of the Crédit Agricole Group and EDF Trading Limited, a wholly-owned subsidiary of EDF S.A. have entered into a trading partnership that will allow Calyon to complement its commodities product offering and represent a new development for EDF Trading.
Through this new partnership, Calyon will provide hedging products on European power, European gas and global coal markets to its clients.
This partnership leads to the creation of an activity located in London that will be closely aligned with Calyon's commodities business within its Capital Markets and Investment Banking division.
EDF Trading will contribute to this partnership its physical trading expertise through the secondment of key personnel and the ongoing contribution of various trade execution and risk management services and IT support.
“The complementary strengths of the two parties and our extensive client base will propel us to the front rank of financial institutions providing energy risk management services”, said Patrick Valroff, CEO of Calyon.
“The combination of EDF Trading's and Calyon's core competencies will create significant and lasting added value for Calyon's clients whilst allowing us to benefit from Calyon's strength as the premier supplier of financial services to the energy sector,” said John Rittenhouse, CEO of EDF Trading.
This arrangement is subject to certain regulatory approvals.