TORONTO and LIMA, May 13 /CNW/ - Scotiabank today announced that it has
entered into an agreement with Intesa Sanpaolo S.p.A. to acquire the Italian
bank's shares in Scotiabank Peru. Through this acquisition Scotiabank will be
increasing its current ownership stake of 78% in Scotiabank Peru to 98%.
    Scotiabank - which celebrated its 175th anniversary in 2007 - has been in
Peru since 1997. On December 5, 2005 Scotiabank announced its purchase of
Banco Wiese Sudameris (BWS) and Banco Sudamericano which were combined to form
Scotiabank Peru, the country's third largest bank.
    "With market leading products and a commitment to excellent customer
service, Scotiabank Peru has established itself firmly in the Peruvian
market," said Carlos Gonzalez Taboada, CEO of Scotiabank Peru. "The
combination of more than 175 years of banking experience and the passion of
our employees is what makes Scotiabank a leader, in Peru and around the
world."
    In Latin America, Scotiabank has operations in Chile, Costa Rica,
Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Peru, Puerto Rico
plus minority interests in Venezuela and a representative office in Brazil.
The Bank has 23,648 employees, 2,265 automated banking machines (ABMs) and
kiosks, plus 1,084 branches and offices in the region. Scotiabank has been in
El Salvador since 1997, where it is the fourth-largest bank; in Peru since
1997, where it is the third-largest bank; Mexico since 1967, where it is the
sixth-largest commercial bank; and Chile since 1990, where it is the
sixth-largest bank.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 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 $449 billion in assets (as at January 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.