Scotiabank expands U.S. energy business

Scotiabank said Wednesday it has agreed to buy New Orleans-based boutique energy investment firm Howard Weil Inc. for an undisclosed amount.

Howard Weil, which also operates out of Houston, Texas, specializes in providing equity research, institutional sales and trading, and investment banking services for the oil and gas industry.

“The acquisition of Howard Weil is strategically important for Scotiabank, providing not only an expansion of our product footprint in the energy sector, but also dedicated equity sales, trading and research capabilities in the U.S.,” said Mike Durland, head of Scotiabank’s Global Capital Markets group.

Details of the proposed deal were not material to Scotiabank’s earnings, the bank said in a statement on Wednesday.

The addition of Howard Weil to its assets gives the bank a stronger position in energy investment banking where it already operates the Scotia Waterous division, with offices located in Houston, Hong Kong, London and Singapore.

Scotiabank is Canada’s most international bank with operations across Latin America and the Caribbean and more than 75,000 employees in 55 countries.