IBM and Scotiabank Sign Multi-Year IT Services Agreement

    TORONTO, Sept. 20 /CNW/ - IBM (NYSE:   IBM) today announced a multi-year
agreement, valued at $480 million to manage Scotiabank's (TSX and NYSE:  BNS)
information technology operations, including data centres, branches, automatic
banking machines (ABMs) and help desk support.
    Terms of the agreement call for the application of advanced technologies
such as server virtualization and new service delivery capabilities. The
contract also includes a new global framework to support Scotiabank's
worldwide operations.
    "Scotiabank understands technology can directly contribute to shareholder
value by enhancing reliability for our business processes, improving
responsiveness to customer needs and facilitating customer acquisition," said
Kimberlee McKenzie, Executive Vice-President, Information Technology and
Solutions, Scotiabank. "This new agreement with IBM will reinforce
Scotiabank's strengths in operational excellence and systems reliability."
    The agreement was signed last month and took effect September 1, 2007. It
extends and renews a contract signed in 2001, when IBM began to manage
Scotiabank's IT operations.
    "IBM will extend our delivery capabilities and relationship with
Scotiabank, both in Canada and in our global operations," said Bernard
Elharrar, general manager, Global Technology Services, IBM Canada. "With the
new global framework, IBM continues to be an important partner with

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With almost 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12 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 $408 billion in assets (as at July 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS).

    For more information please visit

    For more information on IBM, visit

For further information:

For further information: Mike Boden, IBM Media Relations, (416)
478-7117,; Frank Switzer, Scotiabank Public Affairs, (416)

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