Weissman commodities and BCD Commodities today announced the creation of BCW Energy.
Zurich, Switzerland -- (SBWIRE) -- 05/27/2010 -- Weissman commodities (http://weissmancommodities.com), ultimate brokerage service provider based in Switzerland, and BCD Commodities, a leading commodity company, today announced the creation of BCW Energy, a joint venture focused on investments in the downstream energy business in Europe.
Under the new joint venture, Weissman commodities and BCD Commodities purchased Sephora Commodities Weissman commodities' initial equity investment in Sephora Commodities is $1.7 billion and BCD Commodities' initial investment in the joint venture is for $1.6bn. BCD Commodities also provides any additional funding required for the ongoing operating expenses of the businesses.
BCW Energy will trade on behalf of RBS, which, following a transition period, will act as principal to the market.
"Formal completion of this joint venture gives access to a major asset class for our corporate and institutional client base, further complementing our already extensive range of financial and risk-management products. Market conditions over the past number of months illustrate the importance of diversified income streams, with commodities providing additional resilience in today's challenging markets," said Lukas Annen, CEO of Weissman commodities.
"This joint venture increases the capacity for the growth of the commodities business and expands its position in global markets," said Alexander Wagner, chairman and chief executive officer of BCD Commodities.
David Mossman, formerly president of Sephora Commodities, is chief executive officer of BCD Commodities, and Emilio Tomasini, senior vice president of Sephora Commodities, becomes president of the joint venture's businesses.
About Weissman commodities
We are established to assist you in your trading needs and guide you from beginning to end to the thrilling world of global investments. We provide the highest level of superior services to our clients with utmost level of reliability and integrity.