Canadian Scotiabank on Wednesday said it has acquired select assets and 60 employees from UBS Energy, including trading technology.
The terms of the deal, which does not include any of the Swiss UBS subsidiary's trading books of business or regulatory licenses, were not immediately available.
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, a subsidiary of Scotiabank that offers lending, investment banking and capital markets products and services to corporate, government and institutional clients.
We have long-standing lending relationships in this sector and the acquisition complements our current energy trading and loan capabilities.
UBS, the world's biggest banker to the rich, has been hard hit by the credit crisis, reporting the largest loss in Swiss history in 2008. (Reporting by Matthew Robinson; editing by Jim Marshall)