TORONTO, Oct. 6 /CNW/ - Scotiabank today announced the completion of a transaction to acquire the wealth management business of BNP Paribas in Panama and the Cayman Islands after receiving all regulatory and other approvals. In early August, Scotiabank completed the acquisition of a portion of the wealth management business of BNP Paribas in The Bahamas. The deals are not financially material to Scotiabank and terms of the transactions were not disclosed.

"This transaction is an excellent example of the strategic opportunities we will pursue through our new Global Wealth Management division," said Chris Hodgson, Group Head, Global Wealth Management, Scotiabank. "With recognized strength in wealth management and demonstrated global expertise, we are well-positioned to serve customers with a greater breadth and depth of experience than ever before."

Scotiabank's Global Wealth Management division combines the wealth management and insurance operations in Canada and internationally and includes the Bank's global transaction banking operations. Global Wealth Management aligns with Scotiabank's strategy of diversification across multiple geographies, product lines and strong businesses.

In Panama, the close of the transaction positions Scotiabank as the country's premier wealth management provider with the largest Scotia Private Client Group office outside Canada. The office will offer clients private banking, investment advisory and trust services.

"This agreement is a great fit with Scotiabank's international growth strategy in the Caribbean and Latin American regions," said Dan Wright, Senior Vice-President & Head, Scotiabank International Wealth Management. "The transaction enhances Scotiabank's existing operations in the Caribbean and Central American regions, strengthening our ability to serve the needs of our clients. Today's announcement demonstrates our commitment to growing and strategically investing in these regions."

Scotiabank has offered personal and commercial financial services in Panama since 1974, The Bahamas since 1965 and in the Cayman Islands since 1968.

About Scotiabank

Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 27 countries, including affiliates. The Bank has more than 13,000 employees in the region, including affiliates, serving more than two million customers, with 550 branches, kiosks and other offices, plus 1,047 automated banking machines.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 70,000 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 $523 billion in assets (as at July 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.