Scotiabank Announces Management Changes at Scotia Capital

    TORONTO, Jan. 16 /CNW/ - Scotiabank today announced that effective
immediately Mike Durland is to assume the role of Co-Chairman and Co-Chief
Executive Officer, Scotia Capital and Head, Global Capital Markets.
    "Scotia Capital is a key growth platform for the Scotiabank Group and its
record profits of $1.1 billion in 2007 are a testament to the strength of our
teams in both Global Corporate and Investment Banking and Global Capital
Markets," said Rick Waugh, Scotiabank President and CEO. "Mike has significant
capital markets experience and together with Co-Chair and Co-CEO Steve
McDonald, will continue to position Scotia Capital as a leading corporate and
investment bank and an integral part of the future growth and success of the
Scotiabank Group."
    As Co-Chairman and Co-CEO of Scotia Capital, Mr. Durland takes over the
global capital markets responsibilities of John Schumacher, who has chosen to
leave Scotiabank after more than a decade of service.
    A Ph.D. in Finance, Mr. Durland joined Scotia Capital in 1993, and has
held various management positions including Managing Director of Derivative
Products. Prior to this announcement he held the position of Deputy Head,
Global Capital Markets & Head, Capital Markets Group.
    With this move, Mr. Durland will work alongside co-head Stephen McDonald,
Co-Chair and Co-Chief Executive Officer, Scotia Capital and Head, Global
Corporate and Investment Banking. Together Mr. Durland and Mr. McDonald will
provide leadership to the Scotia Capital business, reporting directly to Rick
    Also effective immediately, John Madden, currently Vice-Chairman, Capital
Markets Group and Barry Wainstein Vice-Chairman, Global Head of Foreign
Exchange & Precious Metals become Vice-Chairmen and Deputy Heads of Global
Capital Markets.
    Mr. Waugh also commented on John Schumacher's decision to leave the Bank.
"I would like to thank John for his contribution during his more than ten
years with Scotiabank and his leadership of the Global Capital Markets team. I
wish him well in the future."
    As part of the Scotiabank Group, Scotia Capital offers corporate and
investment banking and capital markets products to corporate, government and
institutional clients. It provides full-service coverage across the NAFTA
region, as well as a niche focus in select markets globally. Scotia Capital
has 18 offices and more than 300 relationship managers organized around
industry specialties.

    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 $412 billion in assets (as at October 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:

For further information: Frank Switzer, Scotiabank Public Affairs, (416)

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