Scotiabank Announces the Launch of its Wholesale Banking Operation in
Colombia

TORONTO and COLOMBIA, July 31 /CNW/ - Scotiabank announced today the completion of its acquisition of The Royal Bank of Scotland's wholesale banking operations in Colombia ("RBSC"). Regulatory approvals have now been secured and effective immediately, these operations have been renamed Scotiabank Colombia S.A.

This represents Scotiabank's first acquisition in Colombia, making Scotiabank Colombia S.A the only Canadian-owned wholesale institution with a presence in the country. Scotiabank Colombia S.A. will provide access to Corporate Banking and Capital Markets products and services through Scotia Capital, and cash management and trade finance products and services through other divisions of the Scotiabank Group.

"We are excited about this expansion into Colombia, as it reinforces our commitment to provide global wholesale banking products and industry expertise to clients and multinational corporations around the world. It also represents Scotia Capital's commitment to deepen our expertise and client relationships throughout Latin America," said Steve McDonald, Group Head, Global Corporate and Investment Banking and Co-Chief Executive Officer (CEO), Scotia Capital.

"With the acquisition of a Colombia-based wholesale banking platform, we are uniquely positioned to capitalize on the synergies between Scotia Capital and Scotiabank's international operations. It is an exciting opportunity that will allow us to cross-sell global capital markets products and services to clients in Colombia and throughout emerging markets in Latin America," said Mike Durland, Group Head, Global Capital Markets, and Co-CEO, Scotia Capital.

"Through Scotiabank's extensive presence in Latin America, we are able to leverage Colombian local market expertise with Scotiabank's global capabilities to provide clients with tailored solutions to meet their financial needs. We are looking forward to supporting our existing as well as new clients in Colombia," said Paul D'Agata, Managing Director, Scotia Capital, who will oversee the Colombian Corporate Banking business. "We will also be able to provide multinational clients - and a growing number of local companies based in Colombia, doing business in Latin America - with support in all countries where Scotiabank operates, providing tailored financial solutions," added D'Agata.

In Latin America, Scotiabank has operations in Brazil, Chile, Mexico, Peru and Venezuela. The Bank has approximately 25,000 employees, 2,145 automated banking machines (ABMs) and 1,474 branches, kiosks and other offices in the region, including affiliates. Scotiabank has been in Peru since 1997, where it is the third-largest bank; Mexico since 1967, where it is the seventh-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. 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 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 $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Elsa Mercado, [email protected], or 416 866 3631 and 647 628 9413