SCOTIABANK COMPLETES ACQUISITION OF THE ROYAL BANK OF SCOTLAND (CHILE)

TORONTO, Dec. 20 /CNW/ - Scotiabank has announced that it has closed a transaction to purchase the Royal Bank of Scotland (Chile) corporate and commercial banking operations. The terms of the transaction are not financially material to Scotiabank and were not disclosed.

In Latin America, Scotiabank has operations in Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Peru, Puerto Rico and Venezuela. The Bank has more than 32,000 employees, 2,605 automated banking machines (ABMs) and 1,889 branches, kiosks and other offices in the region, including affiliates. Scotiabank has been in El Salvador since 1997, where it is the fourth-largest bank; in Peru since 1997, where it is the third-largest bank; Mexico since 1967, where it is the sixth-largest commercial bank; and Chile since 1990, where it is the seventh-largest bank.

Scotia Capital is the wholesale banking arm of the Scotiabank Group, offering a wide variety of corporate and investment banking and capital markets products and services to corporate, government and institutional clients. Scotia Capital provides full-service coverage across North America, and also serves selected niche markets globally. It has 29 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 more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $526 billion (as at October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information:

Joe Konecny, Scotiabank Media Communications, 416 933-1795 or [email protected]