Canada-based bank holding company Scotiabank and its operating subsidiary Scotia Capital have acquired select assets and employees from UBS Energy, a subsidiary of Switzerland-based financial services company UBS AG. The acquisition included trading and analytical technology, and approximately 60 front, mid and back office personnel. Specific terms of the transaction were not disclosed.

Matt Giffen, Managing Director and Head of Scotia Capital's Global Energy Solutions, said: "We are very pleased to have completed this acquisition of a preeminent energy trading platform. 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."

Mike Durland, Co-CEO of Scotia Capital, said: "Energy is a strategic focus for Scotia Capital and of increasing importance to our clients. 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.

On March 3, 2009, Scotiabank declared a dividend on its common shares of C$0.49 per common share for the quarter ending April 30, 2009, payable on April 28, 2009, to shareholders of record at the close of business on April 7, 2009.