TORONTO, March 4 /CNW/ - Scotia Capital and Scotiabank today announced
the acquisition of select assets and employees from UBS Energy. The
acquisition included trading and analytical technology, and approximately 60
front, mid- and back office personnel. Specific terms of the transaction were
not disclosed.
    "We are very pleased to have completed this acquisition of a preeminent
energy trading platform," said Matt Giffen, Managing Director and Head of
Scotia Capital's Global Energy Solutions. "Having reviewed a host of other
potential opportunities, it is clear the proprietary technology and
professional staff acquired from UBS Energy are market leading in every
respect. The platform positions us to better serve clients."
    "Energy is a strategic focus for Scotia Capital and of increasing
importance to our clients," said Mike Durland, Co-Chief Executive Officer of
Scotia Capital. "We have longstanding lending relationships in this sector and
the acquisition complements our current energy trading and loan capabilities."
    The transaction does not include any of UBS Energy's trading books of
business or regulatory licenses. UBS Energy is a subsidiary of UBS AG.
    A subsidiary of Scotiabank, Scotia Capital offers lending, investment
banking and capital markets products and services to corporate, government and
institutional clients. It provides full-service coverage across the NAFTA
region, as well as a niche focus in select global markets through 27 offices
worldwide.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 69,000 employees, Scotiabank
Group and its affiliates serve approximately 12.8 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With more than $509 billion in assets (as at January 31, 2009), Scotiabank
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.