Scotiabank Supports Federal Code of Conduct for Credit and Debit Card
Industry

TORONTO, April 16 /CNW/ - Scotiabank today expressed support for the voluntary code of conduct for credit-and debit-card companies announced by federal Finance Minister Jim Flaherty. The code will allow merchants to manage costs, while passing benefits along to customers. The industry has one month to review and adopt the measures.

"Scotiabank supports the code of conduct and we are pleased to see the government work with stakeholders to create a made-in-Canada solution for the debit and credit card market," said Gillian Riley, Senior Vice-President and Head, Retail Payments, Deposits and Lending, Scotiabank. "We feel the code is good for consumers, creates more competition in the debit and credit card market, and we welcome greater flexibility for merchants and clarity for issuers."

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: Joe Konecny at [phone], or [email protected]