TORONTO, Jan. 11, 2012 /CNW/ - Scotiabank has been named the "Best Trade Finance Bank" in Canada by Global Finance magazine for the fifth year in a row. The ranking will be announced in the February 2012 issue of Global Finance.

"We're pleased to be recognized as Canada's best trade finance bank by Global Finance magazine," said Alberta G. Cefis, Executive Vice-President & Head, Global Transaction Banking (GTB), Scotiabank. "This award highlights Scotiabank's ongoing commitment to high quality, innovative offerings and services that meet our clients needs wherever they do business."

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

"Clients appreciate our network in more than 55 countries which provides them with significant flexibility," said Cefis. "The financial solutions we offer include supply-chain financing, electronic banking and payments and trade finance which help both our domestic and international clients."

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.

"Now more than ever, the availability of trade finance at reasonable prices is crucial to the health of the global economy," said Joseph D. Giarraputo, publisher and president, Global Finance. "We have selected the banks that are best serving the needs of corporations worldwide as they engage in cross-border trade."

GTB works with commercial and corporate clients globally, to deliver customer-centric trade services, correspondent banking, cash management and payments, commercial cards, foreign exchange and investment solutions.

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 55 countries as well as unmatched NAFTA presence and unique footprint in the Americas.

About Scotiabank
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 75,000 employees, Scotiabank Group and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $575 billion (as at October 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.