MOSCOW and TORONTO, Nov. 29 /CNW/ - Scotiabank today announced the
opening of a representative office in Moscow, Russia to support the Bank's
international expansion plans. The Bank has received the required license from
Russian regulators and expects to be able to serve clients early in 2008.
    "With the opening of the representative office in Russia, Scotiabank will
be the only Canadian bank, and one of a select few globally, to have
on-the-ground presence in each of the "BRIC" (Brazil, Russia, India, China)
countries," said Alberta G. Cefis, Executive Vice-President & Group Head,
Global Transaction Banking (GTB), Scotiabank. "Canadian companies are becoming
increasingly global and we are committed to providing them with integrated
business solutions wherever they choose to operate. Strong Canadian companies
such as Magna and Kinross Gold are expanding their presence in the Russian
market and our office in Moscow will enable us to provide direct, relevant
support to them and to any others who are currently contemplating this
market."
    With a representative office in Russia, the Bank will expand its trade
services and correspondent banking businesses across the region. Russia,
Eastern Europe and the Commonwealth of Independent States (CIS), including
Kazakhstan and the Ukraine, are currently served through Scotiabank offices in
Toronto managing trade finance opportunities, and ScotiaMocatta in London,
England, offering precious metals services.
    "I am very pleased to welcome Scotiabank to Russia," said Russian
Ambassador to Canada Georgiy Mamedov. "Today's announcement coincides with the
arrival of Mr. Victor Zubkov, Prime Minister of the Government of the Russian
Federation as part of ongoing discussions with the Canadian government and
Canadian companies aimed at exploring opportunities for Russians and Canadians
to work together. We look forward to working with Scotiabank as they establish
a presence in Moscow."
    "Representation in Russia will help Scotiabank garner a better
understanding of local markets, while also developing long-term relationships
through business activities in the country," said Rob Pitfield, Executive
Vice-President, International Banking, Scotiabank. "Russia is an attractive
market for the Bank, due to the region's large population and its economic
prosperity. A Scotiabank representative office in Moscow will provide the Bank
with a strategic window on the marketplace in Russia and the Commonwealth of
Independent States."
    The office will also serve as a springboard for other Scotiabank business
lines, such as ScotiaMocatta and Scotia Waterous. ScotiaMocatta, a global
leader in precious metal trading and finance, as well as Scotia Waterous, a
leading global oil and gas mergers and acquisitions firm, are part of Scotia
Capital - the global corporate and investment banking division of Scotiabank.
    The world's tenth-largest economy, Russia's growing domestic demand and
abundant natural resources make the country a prime destination for Canadian
foreign direct investment, as well as the export of Canadian goods and
services. Russia is a global energy powerhouse accounting for the world's
largest natural gas reserves and is the world's largest oil producer. This has
led to a sustained period of expansion with real Gross Domestic Product (GDP)
growth exceeding 6.5 per cent over the past five years. Russia is forecast to
close 2007 with a population of about 142 million people and a GDP of about
US$1 trillion, representing a year-over-year GDP increase of 7.5 per cent
(Source: Scotia Economics).
    Export Development Canada (EDC) cite that Canadian companies continue to
grow their export sales in Russia, with shipments rising by over 50 per cent
to reach $876 million in 2006 and tracking to post strong export gains again
in 2007. Key exports include industrial and mining machinery, aerospace
components and automotive and meat products. The EDC also report that more
than 600 Canadian companies are doing business in Russia.
    Scotiabank has announced 12 international acquisitions in the last four
years. As Scotiabank celebrates its 175th anniversary year, the International
Banking business' contribution to annual total net income has increased to
Cdn$1.1 billion, or 30 per cent in 2006. More than 27,000 employees in
International Banking provide financial services to approximately five million
customers across the Caribbean and Central America, Mexico, Latin America and
Asia.
    Scotiabank also has more than 120 employees in seven countries in Europe
and the Middle East, largely through Scotia Capital, the Bank's corporate and
investment banking arm.
    In the United Kingdom, Scotiabank Private Banking UK offers a full range
of private banking services. Scotia Capital in London provides lending
services to major European, UK and North American corporate clients and
subsidiaries, as well as fixed income sales and trading, oil and gas industry
mergers and acquisitions and advisory services plus other products and
services such as equity sales, foreign exchange, derivatives, precious metals
and risk management services.
    Elsewhere in the region, ScotiaMocatta operates under an agreement with
the National Bank of Dubai to provide bullion services. In Egypt, Scotiabank
offers a broad range of trade finance, commercial and retail banking services.
Scotiabank Ireland provides corporate lending activities to top European and
domestic companies. Scotia Capital's Credit and Equity Derivatives team based
in Dublin's International Financial Services Centre, also structures
transactions for financial and credit institutions.
    Scotiabank's Global Transaction Banking unit (GTB) was formed in November
2005 and is led by Alberta G. Cefis, Executive Vice-President & Group Head,
Global Transaction Banking. By partnering with Scotiabank's International
Banking unit and Scotia Capital, GTB provides financial solutions to
commercial and corporate clients operating in their respective home markets
and around the world.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With almost 60,000 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 US$382 billion in assets (as at July 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

    Please see also:
    Backgrounder on Scotiabank GTB and International Business divisions

    Map of Scotiabank operations and offices around the world, available at
    http://files.newswire.ca/295/Global_Presence.pdfBackgrounder

    Scotiabank Group

    -   As Scotiabank celebrates its 175th anniversary in 2007 it has become
        one of North America's premier financial institutions and Canada's
        most international bank.
    -   With almost 60,000 employees, Scotiabank Group and its affiliates
        serve approximately 12 million customers through nearly 2,200
        branches and offices in some 50 countries.
    -   Scotiabank - with its three major business lines - exceeded all of
        its key financial and operational targets in achieving record
        earnings in 2006, with net income available to common shareholders of
        C$3.549 million, up from C$3.184 million in 2005.

    Scotiabank Global Transaction Banking

    -   Scotiabank's Global Transaction Banking unit (GTB) was formed in
        November 2005 and is led by Alberta Cefis, Executive Vice-President
        and Group Head, Global Transaction Banking.
    -   By partnering with Scotiabank's International Banking unit and Scotia
        Capital, GTB provides financial solutions to commercial and corporate
        clients operating in their respective home markets and around the
        world.
    -   A core strength of Scotiabank's GTB unit that differentiates it from
        competitors in the market is its unmatched NAFTA presence and unique
        footprint in the Americas. With the opening of the representative
        office in Russia, Scotiabank will be the only Canadian bank, and one
        of a select few globally, to have on the ground presence in each of
        the "BRIC" (Brazil, Russia, India, China) countries. Scotiabank has
        operations in over 50 countries and maintains a strong presence in
        Canada, the U.S., Mexico, the Caribbean and Central America. When
        this presence is added to operations in Asia, parts of Europe and the
        Middle East, Scotiabank GTB is well-positioned to serve clients
        seeking to operate in these markets.
    -   GTB services include cash management, electronic banking and
        payments, trade finance, foreign exchange, correspondent banking and
        investments.
    -   Scotiabank's trade finance services provide the necessary framework
        to establish mutual trust between exporters and importers, facilitate
        control of international payments and establish the guarantees that
        cover both performance and financial risks. With access to the
        world's largest sources of funding, Scotiabank offers financing
        solutions to importers and exporters to help minimize risk and
        maximize growth and opportunities. Scotiabank was named "Best Trade
        Finance Bank in Canada" by Global Finance Magazine, 2006.
    -   Correspondent banking allows foreign banks to conduct business
        globally and provide services for their customers in locations where
        the bank does not maintain a physical presence. As a leading
        international bank for over 175 years, correspondent banking
        relationships have always been an important focus for Scotiabank. Our
        team of global relationship managers and product specialists provides
        our correspondents with expert, innovative and customized solutions
        for payments, collections, clearing and trade services.

    Scotiabank International Banking

    -   International Banking, which contributed 30 per cent to the Bank's
        net income in 2006, encompasses Scotiabank's retail and commercial
        banking operations in more than 40 countries outside Canada. This
        division is led by Rob Pitfield, Executive Vice-President,
        International Banking.
    -   Founded in Halifax, Nova Scotia, 175 years ago, Scotiabank was the
        first Canadian bank to venture outside the United States or England.
        Growing along trade routes, Scotiabank opened its first Caribbean
        branch in Kingston, Jamaica, in 1889, even before it moved to
        Toronto, where its executive offices are now located.
    -   The most international of Canadian banks, Scotiabank is the leading
        provider of financial services in the Caribbean and Central America,
        has the broadest Asian network of any Canadian bank and is active in
        the Latin American market through operations in Chile, Costa Rica,
        Dominican Republic, El Salvador, Mexico, Peru and Panama, with an
        affiliate in Venezuela and a representative office in Brazil.
    -   Some 27,100 Scotiabank international Banking business line employees
        help five million customers around the world with a wide range of
        commercial and retail services to our customers worldwide. Through
        subsidiaries, branches and affiliates, Scotiabank also offers
        international trade services, including business financing, foreign
        exchange and access to global funding sources.Please see also:

    Backgrounder on Scotiabank GTB and International Business divisions

    Map of Scotiabank operations and offices around the world, available at
    http://files.newswire.ca/295/Global_Presence.pdf