UBS Sells Its Energy Assets To Scotiabank

Scotia Capital and Scotiabank have 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.

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Scotia Capital and Scotiabank have 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,” says 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,” says 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.

D.C.

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