Nicole Reich de Polignac joins Scotiabank Executive Management Team

TORONTO and MEXICO CITY, April 21 /CNW/ - Effective April 20, Nicole Reich de Polignac joins the Scotiabank executive management team as Executive Vice-President and President and CEO, Grupo Financiero Scotiabank Mexico. Ms Reich de Polignac has held the role of President and CEO, Grupo Financiero Scotiabank since 2007.

"Scotiabank's executive management team has great depth and breadth of expertise and I am very pleased to welcome Nicole to this group," said Rick Waugh, Scotiabank President and CEO. "She joins a team that has demonstrated ability to successfully manage through one of the most profound market and economic crises in recent memory. Each member of the executive team brings unique insight to the table, and I look forward to Nicole's contribution as we navigate the changing world of financial services and continue to manage our bank to benefit our employees, customers, shareholders and communities.

Ms. Reich de Polignac joined Scotiabank in 2005 as the head of the Bank's operations in the Dominican Republic after holding progressively senior positions in the Latin American operations of another international bank. In 2009, she received the medal for Mexican-Canadian relations from her Excellency Michaëlle Jean, Canada's Governor General.

"It is most fitting that Canada's most international bank welcome a participant from one of its most significant internationally-based operations to its senior executive group," said Mr. Waugh. "Today's announcement demonstrates our ability to draw on a tremendous pool of leaders across the Scotiabank Group and we believe the quality of our leadership is a source of competitive advantage."

Today's announcement reflects the ongoing role that Scotiabank Mexico plays in Scotiabank's overall success. From a minority investment in the 1990s, this operation is now almost wholly-owned by Scotiabank and employs almost 9,000 people across more than 600 branches. Scotiabank Mexico contributed approximately C$75 million to Scotiabank's first quarter net income.

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 $507 billion in assets (as at January 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Media contact: Toronto: Elsa Mercado, [phone], [email protected]; Mexico: Tenoch Lopez, Senior Vice President, Fleishman-Hillard Mexico, Mobile: [phone], Office: [phone], [email protected]