PARIS, Oct 12 (Reuters) - CACEIS, the asset servicing branch of Credit Agricole, will absorb French farm cooperative InVivo’s grain brokerage unit Sigma Terme in a new unit to be launched on November 1, subject to regulatory approval, InVivo said on Wednesday.
The trading and compensation activities of the two groups will be done under the CACEIS brand but services offered to Sigma Terme’s clients as well as their usual contacts will remain unchanged, an InVivo spokeswoman told Reuters.
She declined to give further details on the agreement.
Jean-Loic Begue-Turon, head of derivatives at Sigma Terme, one of France’s leading grain futures brokers, will join CACEIS as of Nov. 1 to be in charge of agricultural commodities development, she said.
Reporting by Valerie Parent, writing by Sybille de La Hamaide, editing by Gus Trompiz