SocGen buys energy assets

RBS Sempra Commodities has agreed to sell some North American power and gas assets to Societe Generale for cash, RBS said yesterday.

RBS said the deal included information technology and intellectual property assets, as well as exchange membership seats, for an undisclosed sum. SocGen will also take on more than 130 gas and electricity professionals, who will join the bank’s existing commodity markets activities in its corporate and investment banking unit. The deal is SocGen’s latest move to expand its commodities team.