Scotiabank Announces Joint Venture with Bank of Beijing to Establish a Fund Management Company

    BEIJING and TORONTO, Aug. 27 /CNW/ - Scotiabank today announced that
final terms have been agreed with the Bank of Beijing to acquire a 33% stake,
valued at approximately US$15 million, in a Chinese based Fund Management
Company to be established. The joint venture, which is subject to regulatory
approval in China, is to be named "Bank of Beijing Scotiabank Asset Management
Co. Ltd.", and will design and market a wide variety of mutual funds to retail
and institutional customers through the Bank of Beijing's growing national
branch network.
    "This is an exciting opportunity for Scotiabank to grow our operations in
China by partnering with one of China's leading banks," said Rob Pitfield,
Executive Vice President, International Banking. "By combining the Bank of
Beijing's broad presence and strong growth with Scotiabank's more than
175 years of international financial experience, this joint venture is ideally
positioned to meet the expanding needs of China's growing asset management
    With more than 138 million investor accounts and more than $380 billion
in assets under management, the Chinese asset management market has had a
compound annual growth rate of over 230% over the past 3 years ending December
31, 2007.
    "Scotiabank has long recognized the opportunities that are present in
China," said Michele Kwok, Scotiabank's Senior Vice President, Asia Pacific
and the Middle East. "Through this joint venture with the Bank of Beijing,
Scotiabank will be reaching out to more than 8.2 million Bank of Beijing
customers with co-branded mutual fund products, growing our brand recognition
and sharing the Scotiabank experience."
    "Scotiabank is committed to growing our international wealth management
platform, to meet the global needs of our international customers," added Dan
Wright, Senior Vice President, International Wealth Management with
Scotiabank. "This joint venture with the Bank of Beijing is yet another way
that Scotiabank is growing and investing to build a leading edge international
wealth management platform."
    The Bank of Beijing was established in 1996 from the consolidation of 90
urban credit cooperatives. With more than 131 offices in Beijing and branches
in Tianjin, Shanghai and Xi'an, the Bank of Beijing is listed on the Shanghai
stock exchange and is the 14th largest bank in China employing some
4400 employees. The Bank of Beijing's main businesses includes Corporate
Banking, Personal Banking and Foreign Exchange and Settlement.
    Scotiabank is committed to growth in Asia Pacific and operates in
11 countries in the region, offering corporate and commercial products and
services, including loans, securities investment, trade finance, treasury,
precious metals, foreign exchange correspondent banking and retail mortgage
financing in selected countries. Scotiabank has been in China since the Bank
opened a Beijing Representative Office in 1982 and with its branches in
Shanghai, Guangzhou and Chongqing along with its offices in Hong Kong and
Taipei, Scotiabank is the leading Canadian bank in China. Scotiabank also owns
24.9% of Thanachart Bank, Thailand's leading automobile financer and fastest
growing retail bank.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 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 $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:

For further information: Krista Pawley, Scotiabank International Public
Affairs, (416) 866-3703 or

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