TORONTO, Feb. 16 /CNW/ - Scotiabank today announced a transaction to
acquire a 10 per cent stake in Puerto Rico's First BanCorp. The Bank's offer
to purchase about 9.25 million shares to be issued by First BanCorp, for
approximately US $94 million, is subject to regulatory approvals and certain
conditions being met.
    "We have been part of the Puerto Rican market for nearly 100 years and
this represents an immediate, increased investment and an opportunity to
benefit from future growth in the Puerto Rico market," said Rob Pitfield,
Executive Vice-President, International Banking, Scotiabank. "Scotiabank has
always looked beyond Canada's borders for new opportunities and in this case,
we are making an investment in First BanCorp."
    With headquarters in San Juan, Puerto Rico, First BanCorp is the
second-largest financial holding company in the commonwealth and the 59th
largest bank holding company in the U.S. With about 2,800 employees, the bank
has total assets of US$17.4 billion (as of September 30, 2006).
    FirstBank, a subsidiary of First BanCorp, has significant commercial,
consumer, mortgage and auto lending portfolios, as well as insurance and auto
leasing businesses, and an expanding franchise in southern Florida. It is the
leading bank by assets in the U.S. Virgin Islands and British Virgin Islands
combined.
    Scotiabank has been part of the Caribbean and Central America since 1889.
It is now the leading bank in the region, with operations in 25 countries. The
bank has some 11,240 employees in the region, serving more than two million
customers, with 370 branches and 840 automated banking machines.
    Scotiabank has been in Puerto Rico since 1910. Scotiabank de Puerto Rico
offers a complete range of retail, commercial and corporate services. The
subsidiary has more than 600 employees, nearly 60 automated banking machines
(ABMs) and 20 branches.

    About First BanCorp

    First BanCorp is the parent corporation of FirstBank Puerto Rico, a
state-chartered commercial bank with operations in Puerto Rico, the Virgin
Islands and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida,
formerly Unibank, the thrift subsidiary of Ponce General, all operate within
U.S. banking laws and regulations. The Corporation operates a total of 153
financial services facilities throughout Puerto Rico, the U.S. and British
Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico
are Money Express, a finance company; First Leasing and Car Rental, a car and
truck rental leasing company; and FirstMortgage, a mortgage origination
company. In the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency; First Trade, Inc., a foreign corporation management company;
and First Express, a small loan company. First BanCorp's common and preferred
shares trade on the New York Stock Exchange under the symbols FBP, FBPPrA,
FBPPrB, FBPPrC, FBPPrD and FBPPrE.

    About Scotiabank

    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.

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