Bank of America Corp.’s Merrill Lynch unit recruited two traders for its central and Eastern European power business from E.ON Energy Trading SE in Dusseldorf, two people with knowledge of the appointments said.
Boris Kendra and Tobias Schuering will start at the bank’s London office in November, as a director and an associate, respectively, said one of the people, who declined to be named because the matter is confidential. Kendra and Schuering will report to Fjodor Duschek, head of continental power trading, the person said.
Merrill Lynch’s central and Eastern European power business covers markets including the Czech Republic, Slovakia and Poland. The bank bought Entergy Koch Trading in 2004, which had been active in the European power markets since 1998.
Kendra and Schuering left last month, and E.ON’s trading unit has “recruited well to fill the gap,” adding one new trader and one originator, company spokesman Jamee Majid said by e-mail today. E.ON AG is Germany’s biggest utility.
“Eastern Europe is one of our core growth areas and we’ll continue to look to expand our activity on the back of our growing physical presence in the region,” he said. He declined to provide the names of the new appointments.