Scotia Capital Adds 11 U.S. Energy Exploration and Production Firms to Equity Research Coverage

TORONTO, Jan. 25 /PRNewswire-FirstCall/ - Scotia Capital, the wholesale banking division of Scotiabank, has announced the expansion of its North American equity research platform to include 11 U.S. energy exploration and production companies. Scotia Capital's equity research teams in Canada and Mexico now provide coverage of over 90 U.S. listed and inter-listed companies.

"This initiative is a natural and logical extension of the bank's lending and corporate advisory platform in the U.S. and reflects our strategic focus in the oil, gas and energy sectors," said Mike Durland, Group Head, Global and Corporate Investment Banking, and Co-Chief Executive Officer, Scotia Capital. "It will significantly broaden our energy platform and add tremendous value for clients operating in this space."

Two of Scotia Capital's Energy analysts based in Calgary - Mark Polak and Jason Bouvier - will be covering the 11 U.S. energy exploration and production companies. Further coverage will be considered in the near future.

"Adding 11 U.S. energy exploration and production companies to our equity research platform is an exciting opportunity that allows Scotia Capital to better leverage our research product and add considerable value for our global clients," said Pat Burke, Managing Director and Head of Institutional Equities, Scotia Capital. "Our clients' investment mandate is expanding globally and this will help us address their needs in key sectors and geographies where the Scotiabank Group has strategic advantages."

In 2005, Scotia Capital acquired Waterous & Co., a leading global oil and gas acquisitions and divestitures firm, based in Calgary, Alberta, and formed Scotia Waterous. Combined with Scotia Capital's oil and gas mergers and acquisitions capabilities - with Canadian-focused sales, trading and research groups - Scotia Waterous has become one of the leading global energy advisory firms in the world.

Scotia Capital also acquired select assets and employees from UBS Energy last year. The acquisition included trading and analytical technology and approximately 60 front, mid- and back office personnel.

Scotia Capital announced the launch of a new U.S. equity trading desk in 2009, lead by Jim Morris, Managing Director and Head of U.S. Cash Equity Trading. With over 20 years of U.S. equity trading experience working on Wall Street, Mr. Morris joined an established North American sales team and a Canadian equity focused trading team in Scotia Capital's New York office.

Scotia Capital is the wholesale banking arm of the Scotiabank Group, offering a wide variety of products to corporate, government and institutional clients. Scotia Capital provides full-service coverage across the NAFTA region, and also serves selected niche markets globally through two divisions, Global Capital Markets and Global Corporate and Investment Banking. It has 28 offices and more than 300 relationship managers organized around industry specialties. For more information, please visit www.scotiacapital.com.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 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 $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE Scotia Capital