RBC acquires the Athena Energy Group to expand existing commodities business
Announces new name of RBC Natural Gas Services Inc.
TORONTO, April 3, 2013 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today
announced that it has acquired the Athena Energy Group, a market leading
natural gas supplier in Quebec. The acquisition expands RBC Capital Markets'
existing business, which offers structured pricing for natural gas supply,
from Ontario into Quebec.
Terms were not disclosed.
"RBC is the leading Canadian bank offering structured contracts for natural
gas supply directly to commercial clients, helping them manage their exposure
to changes in energy prices. This acquisition builds on our existing presence
in the market and positions us well for the future," said Bruce Macdonald,
Head of Commodities & Electronic Trading at RBC Capital Markets. "Athena has
longstanding relationships with more than 400 commercial and institutional
clients in Quebec, and its team will be able to leverage the strength in
commodities and risk management of RBC to provide additional value to its
RBC Capital Markets' Commodities group provides leading international sales
and trading capabilities across a variety of commodity markets (oil and gas,
metals, agriculture, electricity and carbon emissions) in North America and
"The Athena team is excited about the opportunity to join RBC. As part of RBC
Natural Gas Services Inc., we will have even better tools to continue to
provide outstanding service to our customers and further grow our business,"
said Robert Bédard, principal co-founder, Athena Energy Group and
vice-president and co-head of commercial energy, RBC Capital Markets.
The Athena Energy Group was a privately-held business headquartered in St.
Leonard, Quebec, consisting of two sister companies, Athena Energy Marketing
Inc. and Athena Energy Services Inc. Effective immediately, the Quebec natural
gas structured contracts business is renamed and will operate as RBC Natural
Gas Services Inc.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of the Royal
Bank of Canada, the fifth largest bank in North America by market
capitalization. RBC Capital Markets is a premier investment bank that provides
a focused set of products, services and expertise to corporations,
institutional investors and governments around the world. With over 6,500
professionals in 15 countries, we deliver our products and services to clients
in over 100 countries through operations across North America, Europe, and the
Asia-Pacific region. For more information, please visit www.rbccm.com.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under
the master brand name RBC. We are Canada's largest bank as measured by assets
and market capitalization, and are among the largest banks in the world, based
on market capitalization. We are one of North America's leading diversified
financial services companies, and provide personal and commercial banking,
wealth management services, insurance, and investor services and wholesale
banking on a global basis. We employ approximately 80,000 full- and part-time
employees who serve more than 15 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 49 other
countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations,
sponsorships and employee volunteer activities. In 2012, we contributed more
than $95 million to causes worldwide, including donations and community
investments of more than $64 million and $31 million in sponsorships.
Caution Regarding Forward-Looking Statements
From time to time, we make written or oral forward-looking statements within
the meaning of certain securities laws, including the "safe harbour"
provisions of the United States Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation. We may make
forward-looking statements in this press release, in filings with Canadian
regulators or the SEC, in reports to shareholders and in other communications.
Forward-looking statements in this press release include, but are not limited
to, statements relating to the expected impact of the acquisition of Athena
Energy Group by Royal Bank of Canada. Forward-looking statements are typically
identified by words such as "believe", "expect", "foresee", "forecast",
"anticipate", "intend", "estimate", "goal", "plan" and "project" and similar
expressions of future or conditional verbs such as "will", "may", "should",
"could" or "would".
By their very nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties, which give
rise to the possibility that our predictions, forecasts, projections,
expectations or conclusions and other forward-looking information, including
statements about the expected impact of the acquisition of Athena Energy Group
by Royal Bank of Canada, will not prove to be accurate and will not be
achieved. We caution readers not to place undue reliance on these statements
as a number of risk factors could cause our actual results to differ
materially from the expectations expressed in such forward-looking statements.
These factors - many of which are beyond our control and the effects of which
can be difficult to predict - include, but are not limited to: the impact of
changes in the laws and regulations regulating financial services and
enforcement thereof; general business and economic market conditions in
Canada, the United States and certain other countries in which Royal Bank of
Canada or Athena Energy Group operate; the effects of competition in the
markets in which Royal Bank of Canada and Athena Energy Group operate;
judicial or regulatory judgments and legal proceedings; the ability of Royal
Bank of Canada to complete the integration of Athena Energy Group's business
successfully; and other factors that may affect future results of Royal Bank
of Canada and RBC Capital Markets' Commodities business, including timely
development and introduction of new products and services, and the ability of
Royal Bank of Canada to build on its existing presence in the market.
We caution that the foregoing list of risk factors is not exhaustive. When
relying on our forward-looking statements to make decisions with respect to
us, investors and others should carefully consider the foregoing factors and
other uncertainties and potential events. Material economic assumptions
underlying the forward looking-statements contained in this press release are
set out in the Overview and outlook section and for each business segment
under the heading Outlook and priorities in our 2012 Annual Report, as updated
by the Overview section in our Q1 2013 Report to Shareholders. Except as
required by law, we do not undertake to update any forward-looking statement,
whether written or oral, that may be made from time to time by us or on our
Additional information about these and other factors can be found in the Risk
management and Overview of other risks sections of our 2012 Annual Report and
in the Risk management section of our Q1 2013 Report to Shareholders.
Media Contacts: Gillian McArdle, Communications, RBC Capital
Markets,email@example.com, 416-842-4231 Raymond Chouinard, Media &
Public Affairs,firstname.lastname@example.org, 514-874-6556
Analyst Contacts: Lynda Gauthier, Director, Investor
To view this news release in HTML formatting, please use the following URL:
CO: RBC Capital Markets
NI: FIN MNA
-0- Apr/03/2013 12:00 GMT
Press spacebar to pause and continue. Press esc to stop.