TORONTO and LIMA, May 20 /CNW/ - Scotiabank Peru today announced that it
will acquire a 100-per-cent interest in Grupo Altas Cumbres' Peruvian
operation, Banco del Trabajo. This agreement is conditional upon regulatory
approvals.
    "We are very pleased to continue growing our presence in Peru," said
Carlos Gonzalez Taboada, CEO of Scotiabank Peru. "This new investment is
another step forward in Scotiabank's growth strategy for Peru and re-enforces
our commitment to be the best bank in Peru, for our customers, for our
employees, for our communities and for our shareholders."
    Established in 1994, Banco del Trabajo is the 9th largest commercial bank
in Peru, with 132 points of sale and total assets of US$430 million at the end
of December 2007, representing 1% market share.
    Scotiabank - which celebrated its 175th anniversary in 2007 - has been in
Peru since 1997. On December 5, 2005 Scotiabank announced a US$330 million
investment in Peru as part of the Bank's strategic growth plan in Latin
America. The transaction ultimately combined Banco Wiese Sudameris (BWS) and
Banco Sudamericano to form Scotiabank Peru, the country's third largest bank.
    "This transaction represents a unique opportunity for Scotiabank to
expand in the growing Peruvian micro-enterprise and consumer finance
segments," added Gonzalez Taboada. "By bringing together Banco del Trabajo's
successful track record in these segments with Scotiabank's outstanding
customer service and consumer finance platform, we are building an
organization that meets the unique financial needs of Peruvians throughout
their financial life."
    The combination of Scotiabank Peru's consumer finance operations with
Banco del Trabajo will make Scotiabank Peru the number one bank in the
Peruvian consumer finance segment and number two in micro-lending. The
transaction also includes an exclusive co-branding arrangement with Jockey
Plaza, the largest upscale mall in Peru.
    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 26,149 employees, 2,333 automated banking machines (ABMs) and
kiosks, plus 1,276 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; Chile since 1990, where it is the sixth-largest
bank, and Costa Rica since 1996, where it is the largest private 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.