Scotiabank Completes Acquisition of E*TRADE Canada

    TORONTO, Sept. 22 /CNW/ - Scotiabank today announced that it has obtained
regulatory approval and completed the transaction announced July 14, 2008, to
acquire E(*)TRADE Canada from U.S.-based parent E(*)TRADE Financial Corporation
(NASDAQ: ETFC). The acquisition builds on the recent acquisition of
TradeFreedom and complements product offerings currently available through
Scotiabank's direct investment arm, ScotiaMcLeod Direct Investing (SMDI),
significantly increasing the Bank's scale in the Canadian online investing
    "The acquisition of E(*)TRADE Canada, following up on our successful
acquisition of TradeFreedom, is another important step in our strategy to
build a highly competitive platform for direct investing Canadians to build
their wealth," said Barbara Mason, Executive Vice-President, Wealth
Management, Scotiabank.
    E(*)TRADE Canada is a top-ranked online brokerage offering a variety of
products and services to retail and institutional investors buying and selling
securities via electronic trading platforms.
    "The addition of E(*)TRADE Canada's cutting edge products and services to
Scotiabank's renowned investment research and quality service will prove to be
a powerful combination," said Ms. Mason. "We look forward to bringing these
products and services to Canadians."

    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 $462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:
For further information: Frank Switzer, Director, Public Affairs,
Scotiabank, (416) 866-7238,