Scotiabank buys Howard Weil Inc.

Scotiabank has agreed to buy a New Orleans boutique energy investment bank whose partners include the brother of NFL stars Eli and Peyton Manning. Scotiabank Wednesday didn’t disclose how much it paid for Howard Weil Inc., whose partners include Cooper Manning, but said the amount was not material to earnings. The announcement came the same day as the Indianapolis Colts announced it was releasing Peyton, the quarterback who led the team to its Super bowl championship. Howard Weil 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. Scotiabank is Canada's most international bank with operations across Latin America and the Caribbean and more than 75,000 employees in 55 countries.