TORONTO, Jan. 13 /CNW/ - Scotiabank has been named the "Best Trade Finance Bank" in Canada by Global Finance magazine for the third year in a row. This is the fourth time in five years that the Bank has received this award. The rankings will be announced in the February 2010 issue of Global Finance.

"We're pleased to receive this award and once again be recognized by Global Finance as Canada's best trade finance bank," said Alberta G. Cefis, Executive Vice-President & Head, Global Transaction Banking (GTB), Scotiabank. "Receiving this award for three consecutive years highlights the Bank's ongoing commitment to providing innovative and quality offerings and services to our domestic and multinational clients."

Scotiabank's GTB unit offers corporate and commercial clients integrated business solutions to support operations in their country of origin and internationally.

"Global trade finance volume contracted sharply in 2009, to the extent that lack of financing was part of the reason for a decline in world trade," said Joseph D. Giarraputo, publisher and president, Global Finance. "We have selected the banks that stood by their customers during the credit crunch and found innovative ways to lower risk and speed cash flow from international transactions."

Global Finance editors, with input from industry analysts, corporate executives and technology experts, selected the best trade finance providers based on transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.

The magazine has also honoured Scotia Capital with the award for "Best Foreign Exchange Bank" in Canada for the sixth year in a row, while also acknowledging Scotiabank Costa Rica, Scotiabank Jamaica and Scotiabank Peru as the top FX providers in their respective countries.

GTB partners with Canadian Banking, Scotia Capital and International Banking divisions to deliver customer-centric trade services, correspondent banking, cash management and payments, commercial cards, foreign exchange and investment solutions.

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 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 more than $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

About Global Transaction Banking

Scotiabank's Global Transaction Banking (GTB) business provides financial solutions to commercial and corporate clients domestically and around the world. Scotiabank, through its Global Transaction Banking (GTB) unit, currently offers a wide variety of supply-chain financing services, including electronic banking and payments, trade finance, commercial and business cards, foreign exchange and correspondent banking. In partnership with Scotiabank's International Banking Division and Scotia Capital, Scotiabank clients have access to the Scotiabank network in some 50 countries as well as unmatched NAFTA presence and unique footprint in the Americas.