Allbanc Split Corp. Retains Financial Advisor

    TORONTO, Nov. 16 /CNW/ - The Board of Directors of Allbanc Split Corp.
(the "Company") announced today that it has retained Scotia Capital Inc. to
provide financial advice to the Company relating to a possible extension of
the term of the Company beyond its scheduled redemption date of March 10,
2008. There is no guarantee that after such review an extension will be
proposed or if proposed, will be approved by shareholders.

    Allbanc Split Corp. is a mutual fund corporation created to hold a
portfolio of publicly listed common shares of selected Canadian chartered
banks. Class A Capital Shares and Class A Preferred Shares of Allbanc Split
Corp. are listed for trading on The Toronto Stock Exchange under the symbols
ABK.A and ABK.PR.C respectively.

    %SEDAR: 00009809E

For further information:

For further information: Investor Relations, AllBanc Split Corp., (416)
945-4171, E-mail:, Web site:

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