TORONTO, ON - June 23, 2014 /CNW/ -

NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES 

Scotiabank (TSX: BNS) (NYSE: BNS) today announced that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 13 of Scotiabank (the "Preferred Shares Series 13") on July 29, 2014 at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the share conditions.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.

On May 26, 2014, the Board of Directors of Scotiabank approved a quarterly dividend of $0.30 per Series 13 Share. This will be the final dividend on the Series 13 Shares and will be paid in the usual manner on July 29, 2014 to shareholders of record at the close of business on July 2, 2014, as previously announced. After July 29, 2014, the Series 13 Shares will cease to be entitled to dividends.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $792 billion (as at April 30, 2014), Scotiabank trades on the Toronto (BNS) and New York (BNS) Exchanges. Scotiabank distributes the Bank's media releases using CNW. For more information please visit www.scotiabank.com.

For further information please contact
Mark Michalski
Director, Investor Relations
(416) 866-6905
mark.michalski@scotiabank.com

For media inquiries please contact 
Paula Cufre
Media Communications 
(416) 866-4833
paula.cufre@scotiabank.com