Scotia Capital Inc is the investment banking arm of the Bank of Nova Scotia, often called Scotiabank. Scotia Capital concentrates in different areas. This is largely because in the 1990s it grew by acquisition. Through Scotia Waterous it is a world leader in mergers and acquisitions in the oil and gas industry, but it has will not operate outside this niche. It has a strong metals trading division called Scotia Mocatta. Scotia Capital also has a large presence in Mexico due to its acquisition of Grupo Financiero Inverlat S.A. in 2000.