(January 26 – 11:20 ET) – Venerable New York banker, J.P. Morgan, is set to open an office in Calgary to grab some business in the energy sector. It plans to open its Calgary shop during the first quarter of the year.
It has already hired two investment bankers away from rival CIBC World Markets to handle the task. Jeff van Steenbergen and Tim Hart are the duo charged with building relationships with global and regional energy companies based in Western Canada. They will offer M&A advice, risk management, equity and debt underwriting.
“Today’s announcement expands our long-standing commitment to Canada and builds on the successes we have achieved over the past year,” says Adam Howard, president of J.P. Morgan Canada. The Calgary office will report to Howard and to Rod Peacock, heads of global energy investment banking at J.P. Morgan.
This Calgary office will be J.P. Morgan’s third in Canada. The others are in Toronto and Montreal. The bank ‘s expansion is predicated on growing, Canadian M&A business. The bank says it advised clients in four of the 10 largest transactions in Canada in 1999. It has also been involved in several large energy sector deals, including the mergers of Exxon and Mobil, and British Petroleum and Amoco.
-IE Staff