TORONTO, ON - April 21, 2014 /CNW - Scotiabank has been named the 2014 Model Cash Management Bank for its Global Cash Management Payments and Reporting Centres initiative by Celent, a research consulting firm and member of the Oliver Wyman Group. The award winning initiative involved rolling out a high-performing cash management payments architecture that improves service to customers, provides on-demand information, and reduces customer implementation timeframes. The awards were presented at Celent's Innovation and Insight Day in New York City on April 3.

"We are honoured to be recognized for this award by the Celent team," said Alberta G. Cefis, Scotiabank's Executive Vice President and Head of Global Transaction Banking (GTB). "This award highlights Scotiabank's ongoing commitment to simplify and enhance our processes to provide a better customer experience."

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

"A common theme across many of the entries this year reflected a shift in the industry from more products to more useful products," says Gareth Lodge, Senior Analyst with Celent's Banking Group and coauthor of the report. "Increasingly banks are realizing that they need to compete on more than just breadth of products offered, but around the customer experience those products create."

About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies.

About Scotiabank Global Transaction Banking
Scotiabank's Global Transaction Banking (GTB) business provides financial solutions including cash management, payments, trade finance and correspondent banking services to commercial and corporate clients domestically and around the world by drawing on more than 180 years of banking experience to meet evolving client needs. For more information please visit www.scotiabank.com.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 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 $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using CNW. For more information please visit www.scotiabank.com.

For additional information contact:
Scotiabank - Media Communications
Devinder Lamsar
devinder.lamsar@scotiabank.com
(416) 933-1171