TORONTO, Feb. 15 /CNW/ - Scotiabank today announced it has closed a
transaction to acquire Travelers Leasing Corporation (TLC), a leading Canadian
automobile financing company. Terms of the transaction were not disclosed.
    "We are pleased to close this deal and build on Scotiabank's strong
position as the leading bank in automobile financing for Canadians," said
Chris Hodgson, Executive Vice-President, Head of Domestic Personal Banking,
Scotiabank. "Scotiabank and TLC employees are working together to ensure that
integration of these organizations combines the best of both cultures and
delivers market leading solutions to Canadian automobile financing."
    TLC has provided automobile financing to Canadians since 2001. It is one
of three business units operated by Travelers Financial Group, a financial
solutions provider based in British Columbia. TLC currently has $255 million
in loans under administration.
    The firm has 150 employees offering auto purchase financing through its
head office in Vancouver, a regional office in Mississauga and locations in
Calgary, Edmonton, Winnipeg, Ottawa, Windsor, Montreal, Hull-Gatineau,
Halifax, Saskatoon and Kelowna.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With close to 57,000 employees, Scotiabank
Group and its affiliates serve approximately 12 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 $379 billion in assets (as at October 31, 2006), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.