“Talking about money is often considered taboo, but on my tour across Canada I was pleasantly surprised at how readily the Canadians I spoke with were willing, and even happy, to talk about their finances,” said Valerie Pringle, Scotiabank Saving Ambassador. “I found that Canadians realize they are not saving enough and they genuinely want to do better. I listened to what people said about their finances from coast-to-coast and I feel this conversation is one of the most important any Canadian should be having. Talking about our finances is the first step to improving our financial health.”

In July 2010, Scotiabank introduced the Let the Saving Begin program, which was designed to inspire and empower Canadians to get on track with their saving, investing and borrowing habits. Let the Saving Begin is built on three simple principles that comprise a call to action to Canadians:

• Save automatically, because it works;
• Invest for your future, because no one else will; and
• Borrow to get ahead, not fall behind.

 
“Scotiabank could not have chosen a better Saving Ambassador for our program and we want to thank Valerie for sharing her insights with us,” said Anatol von Hahn, Group Head, Canadian Banking, Scotiabank. “Valerie’s efforts reaffirmed the direction the Bank has taken and signals that we are achieving what we set out to do – to help us all become more aware of and engaged in our financial health.”

What Valerie Learned From Canadians
Through her discussions Pringle heard from those who had their finances on track and from others who had no idea how they were going to plan for their future. Some were already retired and some thought that they would never retire. She touched on topics from achieving balance between living today and planning for tomorrow, generational differences, successes, challenges, communication, short and long-term goals, emotive triggers, education and planning for the future.

From these conversations there were universal messages that were meaningful for everyone, and Pringle has shared three main conclusions:

• We need to continue the conversation
• We need more financial education
• We need to be better prepared for the future

“We appreciate the insights that Valerie has brought forward from her Canadian tour,” said von Hahn. ”At Scotiabank, we have always been committed to helping our customers become financially better off, and since the inception of Let the Saving Begin in July of 2010 we have extended this commitment by shaping a movement to help Canadians save. We will continue to build on this commitment and will expand on our existing products, services and programs in ways that address each of Valerie’s three key recommendations. We will continue the conversation, work towards enhancing financial education and help Canadians prepare for the future.”

“Virtually everyone has money that can be saved – often they just need help to find it and do it,” added Pringle. “The overwhelming message we heard is that we can all learn from each other. Finding a way to have these conversations at home, at the bank, with our friends and everywhere in between is incredibly important. By having these conversations we discover the educational opportunities and financial plans that will help us be better prepared for our future.”

What Valerie Did As Saving Ambassador
Pringle came on board as the Scotiabank Saving Ambassador in July 2010. She traveled the country on two national tours, holding ‘kitchen table’ discussions with participants in various regions. These conversations were meant to inspire discussions about saving and finances around the kitchen tables of Canadians across the country. Both tours were documented on film and shared on Facebook, allowing the whole country to join the conversation and participate in this ‘saving movement’.

She was also the moderator of Scotiabank’s live digital event on Facebook with a panel of experts including ZoomerMedia’s Moses Znaimer, urban theorist Richard Florida and ScotiaMcLeod’s Bev Moir. This was the first time that a financial institution in Canada had held a live discussion on Facebook and more than 32,000 viewers logged in.

“We travelled across the country twice, visited 16 different communities in seven provinces and spoke with hundreds of Canadians on the important topics of saving money, borrowing wisely and planning for the future,” said Pringle. “The response has been extremely rewarding and indicates a hunger for honesty and information. Canadians are talking openly to each other on the Let the Saving Begin Facebook page, which is undoubtedly just the beginning.”

Valerie Pringle’s complete report can be downloaded for print or viewed in video format at www.letthesavingbegin.com.

The 25-minute ThinkFirst SMART HOCKEY video encourages 'respect' as a team-building attitude that can help current and future generations of players avoid injury and provides information on concussions and concussion recovery. In addition to the video, audience members took in a panel discussion addressing the growing concerns of safety and concussions in hockey, led by well known hockey players Cassie Campbell-Pascall, Keith Primeau, and Tessa Bonhomme, also featuring Scott Oakman of the Greater Toronto Hockey League (GTHL) and Dr. Charles Tator. 

“Ongoing concerns about concussion in hockey draws attention to the need to focus on education,” said Dr. Charles Tator, founder of ThinkFirst. “A concussion is a brain injury and the best defense against brain injury is prevention. This means respecting yourself and others on the ice, wearing the gear, and using your brain to navigate risks. Along with our partners, we have developed ThinkFirst SMART HOCKEY, a tool to teach players how to use their brains to protect their bodies.” 

The video was developed and reviewed in consultation with a team of multidisciplinary experts including members of ThinkFirst Canada's Concussion Education and Awareness Committee, sports medicine doctors, neurosurgeons, physiotherapists, researchers and concussion experts in Canada.

“Scotiabank's dedication to hockey is based on Canadians' love of the game and our approach is to help educate current and future generations of hockey players on respect, safety and team work. Our involvement with the ThinkFirst SMART HOCKEY video further demonstrates that commitment,” said Duncan Hannay, Scotiabank Senior Vice-President, Canadian Marketing.

To coincide with the start of the 2011/12 hockey season and to encourage ongoing dialogue between players, parents and coaches, Scotiabank will be hosting learning seminars across the country, which will highlight the ThinkFirst SMART HOCKEY video.

“At Reebok-CCM Hockey, we believe that the most fundamental aspect of a team sport such as ice hockey is the need for respect among players of all ages and all levels of play,” said Len Rhodes, Senior Vice-President & General Manager, Reebok-CCM Hockey. “The best medicine is prevention and that is why we are a proud to present ThinkFirst SMART HOCKEY with ThinkFirst and Scotiabank. We want to help make this the best game in the world and the most fun for players and spectators alike!”

ThinkFirst SMART Hockey video is endorsed by the NHL, NHLPA, IIHF and Hockey Canada. To view the full 25 minute SMART HOCKEY video, please visit www.thinkfirst.ca.

Tips for playing SMART HOCKEY

• Learn what a concussion is, and how to recognize the signs and symptoms. When in doubt, sit them out!
• Follow the six Return to Play Guidelines with medical supervision
• Wear protective gear that is well fitted and is in good condition, especially your helmet.
• Balance your performance with safety
• Play with the right attitude and respect for yourself and others

With Visa payWave, cardholders no longer need to look for change, key in a PIN or sign receipts for small everyday purchases at participating Canadian merchants. Visa payWave cardholders can simply wave their card in front of a merchant terminal with the universal contactless symbol and they are on their way. Scotiabank cardholders will now be able to make secure contactless transactions at Petro-Canada, Rexall Pharma Plus pharmacies, Cineplex Entertainment movie theatres, Jean Coutu, Rabba Fine Foods, M&M Meat Shops, Second Cup, as well as other retailers.

“At Scotiabank, we are committed to providing our customers with new ways to simplify their everyday banking and shopping experience,” said Gillian Riley, Senior Vice-President and Head, Retail Payments, Deposits and Lending, Scotiabank. “Whether it’s introducing Visa payWave in order to facilitate faster transactions or providing our customers with mobile banking so they can bank on-the-go, at Scotiabank we are continuing to provide innovative services that will help Canadians in their busy lifestyles.”

“Visa payWave is changing the way people pay, and paving the way for new technologies to come,” said Mike Bradley, Head of Products, Visa Canada. “It’s convenient, secure, and as always, Scotiabank cardholders are protected by Visa’s layers of security, including Zero Liability.”

For more information, visit www.scotiabank.com/paywave. 

For more information about Visa’s Zero Liability Policy, visit www.visa.ca.

“From its earliest days almost 180 years ago in Halifax, Nova Scotia, Scotiabank has held a steadfast belief in supporting the unique needs of each community it serves,” said Rick Waugh, President and Chief Executive Officer, Scotiabank.  “While our operations have grown worldwide, we have maintained our focus on community service. The Bright Future program will enable Scotiabank and its 70,000 employees worldwide to build upon this tradition of creating a bright future – one community at a time.”

Elements of the Bright Future program:

Employee engagement and recognition: In 2010, Scotiabank employees spent more than 324,000 hours volunteering and fundraising, and by applying through the Bank’s formal community programs they generated C$7.5 million in additional funding for the organizations that they support. As part of today’s launch, the Bank also introduced the Bright Future Community Leadership Awards which will be given to Scotiabank employees for outstanding commitment to their community and leadership in helping those in need.  Scotiabank will make a financial donation to the designated charity of the winners.

Scotiabank Bright Future Young Leaders Award: As part of the launch Scotiabank today also announced the establishment of “The Scotiabank Bright Future Young Leaders Award”, which will recognize youth from Canada and international locations for outstanding contribution to their communities annually. Applications for the first youth awards will be accepted later this year, with the first recipients announced in the spring of 2012.  Further details on the youth awards programs will be available in the coming months at www.scotiabankbrightfuture.com  

Community and Charitable Giving: Over the last five years Scotiabank has provided on average approximately $44 million annually to community causes around the world. We’ve made it easier and more transparent for charities to make an application through a dedicated website. To mark the launch, Scotiabank announced a C$1 million gift to Toronto-based Hospital tor Sick Children’s International Patient Program that provides life changing care to children from outside of Canada.

Centralized information: The Bright Future program, including information for charities seeking support, can be found on the Bright Future website in English, Spanish and French at www.scotiabankbrightfuture.com. The Bank will also be launching a new internal Bright Future platform in three languages, which includes all information on the program as well as localized lists of volunteer opportunities for employees.

“Giving back in meaningful ways is an intrinsic part of Scotiabank’s history, culture and identity,” said Sylvia Chrominska, Group Head, Global Human Resources and Communications, Scotiabank. “Bright Future builds on our past practices, creates a new shared philanthropic program that respects local priorities and introduces new initiatives that will bring even greater value to those around us.”

Bright Future’s origins began in 2007 in Scotiabank’s Caribbean and Latin American markets. With today’s announcement all Scotiabank donations and charitable activities – wherever they take place in the world – will be part of the Bright Future program.

“Bright Future has been a success in Mexico and we are proud that through this program we have been able to be part of building stronger, more vibrant communities by supporting the work of our charitable partners,” said Nicole Reich de Polignac, Executive Vice-President and President & CEO, Grupo Financiero Scotiabank, who participated in today’s launch from her office in Mexico City. “On behalf of my team in Mexico and my colleagues in other countries from Canada to Chile, Puerto Rico to Peru, we look forward to building on this success.”

Engaging a New Generation

Scotiabank was pleased to welcome Free The Children Founder, Craig Kielburger, who participated in today’s launch. In addition to inspiring and motivating the audience to be community active, he applauded Bright Future’s recognition of the importance of youth for future philanthropic success.

“Through the Scotiabank Bright Future Young Leaders Award we have an opportunity to recognize the contribution of young people who are active in their communities and, at the same time, reach out to those who have yet to become active volunteers,” said Mr. Waugh. “Engagement of youth around the world is vital to the continued operation of charitable and not-for-profit enterprises.”

Public Attitudes towards Corporate Philanthropy

A recent Canadian poll conducted by Harris/Decima demonstrates that people feel strongly about corporate philanthropy. Nearly three-quarters of Canadians (72 per cent) are more inclined to volunteer, fundraise, or donate to local charities provided their employer supports these initiatives.

"Canadians have long recognized and appreciated the efforts of the companies that support and sustain the very communities in which they operate,” said Marcel Lauziere, President and CEO, Imagine Canada. ”The Scotiabank global Bright Future program demonstrates the pride and commitment of Scotiabank and its employees to the communities it serves, but more importantly to the causes that strengthen and enrich quality of life around the world.”

The Scotiabank Bright Future program comes at the beginning of the 10th anniversary of the International Year of Volunteerism. Information on the program can be found on the Bright Future website at www.scotiabankbrightfuture.com.

The Scotiabank Bright Future Poll was conducted by Harris/Decima via teleVox, the company’s national telephone omnibus.  A total of 1,030 Canadians were surveyed from December 16th to December 19th, 2010.  Results are accurate to within +/- 3.1% 19 times out of 20.

For details on the programs outlined above and for more information, see BACKGROUNDER: SCOTIABANK BRIGHT FUTURE PHILANTHROPIC PROGRAM

The study found that if Canadians were given an extra hour in each day the majority (70 per cent) would spend time with family or friends, about half would exercise (51 per cent) or read (49 per cent) and more than one-third of Canadians (37 per cent) would take a nap. Canadians aged 18-24 are more likely than some of their older counterparts to use an extra hour in their day to nap (49 per cent), which makes sense considering 47 per cent of those in that age group reported that they sleep less in order to have more time in a day to get everything done.

“It’s not surprising to see that so many Canadians are feeling overwhelmed by the demands on their time,” said Mike Henry, Senior Vice-President, Customer Experience, Scotiabank. “With all of the technology at our fingertips today, many would think Canadians would feel less anxiety than they did five years ago, but it seems that the real outcome of being so connected is that the expectation of immediate responsiveness is the new normal.

“At Scotiabank, we recognize that it has become more important than ever for Canadians to use technology to their advantage in order to have more time for what really matters,” continued Mr. Henry. “Something as simple as banking on a mobile device could, over time, save Canadians some time to spend with a friend or take that much needed nap.”

According to the study, Canadians would like to make better use of their time, with 53 per cent expressing the need to use idle time more productively. The majority of Canadians (62 per cent) also feel that since they do not have a lot of time, they want to be able to do things when they think of them. Fifty-nine per cent of the Canadian population find that they forget to do things that they put off. 

“Having access to bank accounts on a mobile device allows Canadians to make the best use of their time,” said Jason Charlebois, Vice-President, Self Service, Scotiabank. “Scotiabank’s Mobile Banking Service lets Canadians take care of their finances from anywhere, at any time.”

The need to check account balances is something that more than a third of Canadians have experienced, with 36 percent indicating that they had to check their account balance or transfer money before they could make a purchase. An almost equal number (37 per cent) said they needed to check their account balance while they were on the go.

About the Survey

The Scotiabank Poll was conducted via Harris/Decima’s weekly telephone omnibus, teleVox, from May 27th through May 30th, 2010. 1,007 Canadian adults were surveyed.  Results are accurate to +/- 3.1 percent 19 times out of 20.

About Scotiabank’s Mobile Banking Service
With Scotiabank mobile banking, customers can check balances, pay bills, make transfers and send money with their mobile phone. For more information, visit scotiabank.com from your mobile phone or download our iPhone App.

“Ninety-four per cent of Canadians say they feel better when they have a safety net of savings, however, nearly one-third do not have a plan in place to achieve their savings goals,” said Chris Hodgson, Group Head Canadian Banking, Scotiabank.  “We are committed to helping Canadians start saving again, to get ahead financially and stay ahead.

“We’re on a mission to encourage Canadians to save more of their hard-earned money and we can help,” said Mr. Hodgson. “It’s time to Let the Saving Begin.”

Built on three simple principles, Let the Saving Begin rallies Canadians to:

• Save automatically, because it works;
• Invest for your future, because no one else will; and
• Borrow to get ahead, not fall behind.

“Canadians have told us that an extra $1500 in annual savings would make a difference in their financial well-being,” said Mr. Hodgson. “Whatever savings goals people set, we want to work with them to get there. Saving is about making small changes that, over time, make big differences.”

To further heighten awareness about the importance and ease of saving, Scotiabank has recruited well-known Canadian personality, Valerie Pringle, to act as Scotiabank’s Saving Ambassador. Ms. Pringle will travel across the country to speak with Canadians about the challenges they face when trying to put money aside.

“Canadians want to save more, but with so many demands on their wallets they may not always feel it’s possible,” said Valerie Pringle, Scotiabank Saving Ambassador.  “Over the next couple of months, I’ll be working with Scotiabank to listen to Canadians about the challenges they face and successes they have had when it comes to saving. It’s about time that we focus our attention on the critical issue of financial health and I am proud to be working with Scotiabank to help Canadians Let the Saving Begin.”  

Before beginning her cross-country tour, Ms. Pringle will join Mr. Hodgson later today in Toronto to officially launch Let the Saving Begin.  As part of the kick-off, Scotiabank employees will take to the streets to distribute saving ‘kick-starts’ to thousands of Torontonians. Teams will hand out gift cards towards items such as coffee, snacks, gas and groceries. Scotiabank encourages Torontonians to Let the Saving Begin with the money they would have spent on their purchase. Scotiabank will also be offering a ‘saving bonus’ to congratulate customers who have taken steps to save automatically. Customers can earn up to 10 per cent extra on the amount they save over a 12-month period as a bonus to help bring them closer to their savings goal.

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 $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit hwww.scotiabank.com.

Note: All statistics referenced are from a recent Scotiabank study assessing the savings habits of Canadians. The Scotiabank Spring Savings Study was conducted online using Harris/Decima’s online panel. A total of 1,006 completed surveys were collected from a random sample of panel members across Canada. The study was conducted from March 26th, 2010 to March 31st, 2010. 

This was a standard panel survey among a random sample of Harris/Decima’s Canadian panel members. In a fashion similar to a telephone study, email addresses from Harris/Decima’s panel were pulled at random, according to population and gender specifications, in order to make the study representative of the Canadian population by region and gender. When contacted to solicit participation, participants had no prior knowledge of the subject matter of the study. Harris/Decima controls access to the study through passwords to ensure that respondents can participate only once. Subsequent to completion of the study, the data was weighted by region, age, and gender.

BACKGROUNDER: Scotiabank Savings Poll

Saving an additional $1,500 per year

• Saving an additional $1,500 per year would improve the financial well-being for the majority of Canadians (72 per cent).

Attitudes towards saving

• Canadians agree that they feel much better when they have a safety net of savings (94 per cent).

•  Sixty-eight per cent of Canadians have a plan in place to achieve their savings goals.

•  Nearly one-quarter (23 per cent) of Canadians like to live day-to-day and do not worry about saving money.

Importance of saving money

•  Having a safety net in case of emergencies is the primary reason (43 per cent) Canadians save money.

Rainy day money

•  A third of Canadians (33 per cent) have an amount equal to three months or more of their household expenses saved.

•  A quarter of Canadians (25 per cent) have saved an amount that is between one and three months of their household expenses.

•  Just about a quarter of Canadians (23 per cent) have less than one month of their household expenses saved.

•  Nearly one-in-five Canadians (19 per cent) have no rainy day money saved.

Willingness to make changes

Nine-in-ten (91 per cent) Canadians say they would likely consider using or installing energy efficient products if they were doing home renovations, according to a recent Scotiabank survey conducted by Harris/Decima assessing Canadian attitudes on personal environmental responsibility. At the same time, 62 per cent said it’s not easy to stay on top of the many ways to save energy and money and take advantage of various rebates. Almost all Canadians would welcome a one-stop resource that makes it easier to understand how to make their homes greener and how to save money.

“We know that Canadians are looking for ways to be more environmentally responsible and we are answering that call,” said Chris Hodgson, Group Head, Canadian Banking, Scotiabank. “We have an important role to play in helping Canadians make a contribution by turning their home renovations into savings – for the environment and their bank account. The Scotiabank ‘EcoLiving’ website will make it much easier for homeowners to understand their green options, make their homes more energy efficient and ultimately save money.”

In response to Canadians’ growing interest in reducing their environmental impact, Scotiabank announced today that it has launched a comprehensive ‘EcoLiving’ program. A cornerstone of the program is the Scotiabank ‘EcoLiving’ website, www.scotiabank.com/ecoliving, a unique online consumer resource that provides home greening options together with government rebate and financial savings information all in one place – providing an easy-to-use resource for Canadians to learn about, plan, and compare green home improvement options.

The survey also revealed that over half of all Canadians (51 per cent) are planning to undertake home renovations over the next 12 months. Of those planning renovations, 88 per cent want to learn more about how to make their homes greener, while 83 per cent are actively looking for ways to reduce their home energy bills. Canadians said that their renovations would include new windows and doors (48 per cent), toilets (36 per cent) and air sealing/draft proofing (34 per cent).

Regional Highlights: Canadians Interest in and Familiarity with Home Greening – By Region

“We are really excited to launch the Scotiabank ‘EcoLiving’ program,” said Kaz Flinn, Vice President, Corporate Social Responsibility, Scotiabank. “We've made many changes to Scotiabank branches and offices to improve our environmental footprint, but the most significant changes come when we work together. With millions of Canadian homes across the country, we see the impact that we can have by helping homeowners reduce their carbon footprint.”

Visitors to the ‘EcoLiving’ website will find up-to-date, expert information on over 35 different types of green renovation projects along with a comprehensive listing of all related government rebates. Project planning tools and a financial calculator allow visitors to compare products and rebates, plan and finance their project and see the savings that can result from each energy efficiency renovation.

Much of the educational information on the website is provided by Green Living Enterprises, one of Canada’s foremost environmental experts and Scotiabank’s partner on the development of the Scotiabank ‘EcoLiving’ program. Over 55 articles commissioned by Green Living experts offer valuable advice to help homeowners make green-reno decisions. Topics covered include finding home improvements that will pay for themselves, understanding green technologies like drain water heat recovery systems, and eco-friendly lawn maintenance. 

“Green Living Enterprises is proud to partner with Scotiabank by providing our knowledge and expertise to help educate Canadians about easy and workable solutions for leading a sustainable lifestyle,” said Laurie Simmonds, President and CEO, Green Living Enterprises. “We applaud Scotiabank for its commitment to developing an innovative program that will assist Canadians in meeting their environmental, as well as financial goals.”

“The website gets EcoLiving off to a great start, and we're looking forward to introducing Canadians to other pieces of this broad-based program," said Ms. Flinn. "EcoLiving will soon introduce a unique awards program to recognize environmental excellence.”

The Scotiabank ‘EcoLiving’ Awards Program, to be introduced later this year, will recognize innovation and achievement in the area of green building. The only awards program of its kind will honour businesses and students for excellence in enabling residential energy efficiency.

Scotiabank’s ‘EcoLiving’ program will also provide support for environmental organizations. Last month Scotiabank announced its role as lead sponsor of Environmental Defence’s “I Am Green Power” campaign, www.iamgreenpower.ca, which features stories from Canadians on how they are making an environmental difference as part of their every day lives.  

"’The I Am Green Power’ program and the innovative EcoLiving program are great ways to reach Canadians to engage them with both saving money and saving the planet. Good on Scotiabank for making this possible!" said Dr. Rick Smith, Executive Director, Environmental Defence.

About the Survey

A total of 1,000 completed surveys were collected from a random sample of Harris/Decima panel members across Canada. The study was conducted from April 14th, 2010 to April 16th, 2010. 

This was a standard panel survey among a random sample of Harris/Decima’s Canadian panel members. In a fashion similar to a telephone study, email addresses from their panel were pulled at random, according to population and gender specifications, in order to make the study representative of the Canadian population by region and gender. When contacted to solicit participation, participants had no prior knowledge of the subject matter of the study. Harris/Decima controls access to the study through passwords to ensure that respondents can participate only once. Subsequent to completion of the study, the data was weighted by region, age, and gender.

Study Highlights

Environmental CSR at Scotiabank

Starting with Scotiabank Caribana 2010, Smartphone users will now have the ability to navigate through events and access key information while on-the-go. All Scotiabank-sponsored festivals and events will have a free interactive mobile application (app) for iPhone, Blackberry and Android users. 

Smartphone users can look forward to:

• Capturefy^© – capturing event images to launch and upload content
• Integrated GPS/mapping to deliver easy-to-follow directions
• Event specific information/content and social connection; and
• Real-time sharing and location-specific mapping to events and public transit.

After the very successful launch of the free Night Navigator mobile app for the 2009 Scotiabank Nuit Blanche in Toronto, Scotiabank and Simply Good Technologies once again partner to provide more user-friendly, Smartphone apps. The Night Navigator app is still available for download and will be updated with this year’s event information later this summer.

“From marathons to cultural celebrations, by working with Simply Good, Scotiabank is helping redefine people’s mobile experience to make attending any Scotiabank sponsored festival much more accessible and enjoyable,” said Rick White, Scotiabank Vice-President, Marketing. “When the Scotiabank Caribana app launches, attendees will have de vibe in their hands to help them navigate and participate in the festival. At the same time, mobile users will be able to find public transit and navigate around any road-closures that will be in effect. ”

“Using the latest in mobile technology, we are creating an even better experience for the Smartphone device owner,” said Bill McLean, co-founder Simply Good, a leading innovator in interactive mobile applications. “We enjoy pushing the boundaries to see what current technology can really bring to an event experience. At the same time, our work with Scotiabank is leading the way in creating new opportunities for businesses to engage directly with consumers which helps companies have a new kind of conversation with their customers.”

Under the terms of the transaction:

Scotiabank acquires US$5.6 billion in assets including US$5.3 billion in loans covered under a loss-sharing agreement with the FDIC.

Through this agreement, the FDIC guarantees 80 per cent of loan losses.

The acquisition also includes US$2.2 billion in deposits. The FDIC is providing additional funding to balance the acquired assets.

This transaction will result in an immediate positive contribution to earnings for Scotiabank Group but is not material to current earnings or capital.

“As we celebrate 100 years of operating in Puerto Rico, we are very pleased to build on our long history of serving our customers, employees and communities here with this acquisition,” said Rick Waugh, Scotiabank President and CEO. “This announcement will increase our market share to approximately nine per cent and is consistent with Scotiabank’s international strategy to grow incrementally to scale in target markets. Scotiabank has an international scope that few banks match, and we look forward to leveraging our strengths and expertise to benefit the ongoing operations of the new bank.”

R-G Premier Bank of Puerto Rico has 29 branches and 61 ATMs and Scotiabank de Puerto Rico has 17 branches and 60 ATMs. The consolidation will begin immediately and Scotiabank is committed to a seamless transition.

“Customers should feel confident that their bank deposits and transactions with Scotiabank are both safe and secure,” said Mr. Waugh. “Scotiabank is one of North America’s premier financial institutions, known for its strength and stability, and has a long history of serving the Puerto Rican market.”

The deposits of R-G Premier Bank customers will continue to be insured by the FDIC up to the insurance limit. Customers can continue to bank at these locations and will be served by the same friendly teams. Customers can continue to access their money by writing checks, using ATMs or using their debit cards. Checks drawn on R-G Premier Bank will continue to be processed and loan customers should continue to make their payments as usual.

“We look forward to welcoming our new R-G Premier Bank customers and employees as we take a larger role in the country’s banking sector,” said Troy Wright, Chief Executive Officer, Scotiabank de Puerto Rico. ”As we bring this bank into the Scotiabank de Puerto Rico family, we begin a new chapter in our long history here and we are excited about the possibilities that today’s announcement brings.

“Tomorrow will be business as usual. Branches that were scheduled to open tomorrow will do so. Customers will see the same friendly faces and can continue using the banking services that they now use. We are committed to leveraging our significant experience in international acquisitions to provide a smooth transition for all of our new and existing customers and employees and as we move through the transition phase, we will look at the best practices of each of the banks to bring our customers exceptional products, lending, services and expertise.”

More information on the transaction can be found in the investor relations presentation at www.scotiabank.com .

Customers looking for more information are invited to:

Visit the Scotiabank de Puerto Rico website at www.scotiabankpr.com/bienvenidos

Call our customer contact centres at:

Scotiabank de Puerto Rico: 787-766-4999 or 1-877-766-4999

R-G Bank 787-766-8123

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2904. The phone number will be operational this evening until 9:00 p.m., Atlantic Standard Time (AST); on Saturday from 9:00 a.m. to 6:00 p.m., AST; on Sunday from noon to 6:00 p.m. AST; and thereafter from 8:00 a.m. to 8:00 p.m., AST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/r-gpremier-puertorico.html or http://www.fdic.gov/bank/individual/failed/r-gpremier-puertorico_spanish.html.

The FDIC encourages all bank customers to review more information about the transaction by visiting www.fdicseguro.gov.

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 12,000 employees in the region, including affiliates, serving more than two million customers, with 550 branches, kiosks and other offices, plus about 974 ATMs.

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 $507 billion in assets (as at January 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

“Scotiabank has always prided itself on providing excellent customer service whether it's in our branches, over the phone or online and with today's announcement we are extending this commitment to mobile devices,” said Jason Charlebois, Vice-President ,Self Service Banking, Scotiabank. “With Scotia InfoAlerts our retail and small business customers will be kept up-to-date with their account activity. Customers simply identify the account information they would like to receive and the Bank does the rest, providing a convenient and secure way for customers to stay informed.”

With more than 15 account information and real-time security-related alerts available, customers can choose which notifications they would like to receive and when.

Account information alerts include:

• Account balances (daily or weekly) on debit and credit accounts
• Visa/Line of credit (LOC) minimum payment due
• Specific Visa/LOC balance reached

Security-related alerts include:

• Debit and Visa card transaction alerts
• ABM withdrawal and deposit alerts
• VISA use in a foreign country

Security-related alerts advising customers about unusual activity on their account are provided at no cost while all of the account information alerts are currently offered for free until May 31st, 2010.

Customers who register for InfoAlerts before March 31, 2010 have a chance to win either a seven-night, all-inclusive Eco Adventure for two to Belize, one of three Apple MacBook Pro laptops with an iPod Touch, or one of eight SIRIUS satellite radio lifetime subscription packages.

Scotiabank also introduced an application for the iPhone and iPod touch or Blackberry smartphones, making Scotiabank the first major Canadian bank to launch an application. This free application offers GPS branch locator services to connect Canadians with the location of Scotiabank branches and ABMs in a matter of seconds. The service also offers additional details about branches including hours of operation, contact details and languages spoken.

“At Scotiabank we are continually looking to provide our customers innovative ways to simplify their banking experience,” said John Doig, Senior Vice-President, Marketing, Scotiabank. “Our current application features a branch locator which provides a quick and convenient way for Canadians to locate a nearby Scotiabank branch or ABM from wherever they are.”

Visit www.scotiabank.com/mobile to learn more about Scotiabank mobile services, including information about Scotia InfoAlerts and for download links to our iPhone, iPod Touch, and Blackberry applications.