Macquarie Bank is expanding its power trading business in the UK, hiring traders from rival banks and sourcing electricity from newly acquired power plants in hopes of becoming a bigger player in the sector.
Reuters reports that the Australian banking group has hired six traders and acquired two power station management agreements in the UK in recent months as part of the expansion, Nicholas O'Kane, global head of Macquarie's Energy Markets Division, said in an interview.
'We have, in the last three to four months, taken the opportunity to build up that business', O'Kane said, pointing to client requests as the reason for the expansion.
The move highlights the growth opportunities available to some financial players as others have retrenched and cut back their commodity operations in the face of regulatory and financial pressures.
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