Scotiabank Announces Official Opening of Four New Branches Across Malaysia

    KUALA LUMPUR and TORONTO, April 3 /CNW/ - Scotiabank today announced the
official opening of four full-service commercial branches in Malaysia. The new
branches complement the Bank's existing Malaysian operations, including a
branch in Kuala Lumpur and an International Offshore Financial Centre (IOFC)
in Labuan.
    "At Scotiabank, we are always looking for opportunities to invest and
grow our operations in countries where we already operate and where we believe
there are strong growth opportunities," said Michele Kwok, Senior
Vice-President, Asia Pacific, Scotiabank. "Opening these new branches is a
testament to our strong commitment to the long-term potential of Malaysia."
    Licensed by Bank Negara Malaysia - Malaysia's central bank - the new
branches are located in Semenyih and Damansara Perdana, in Selangor, Taman
Molek, in Johor and Bayan Lepas, in Penang.
    "Scotiabank has been doing business in this tremendous country since 1973
and we are pleased to enhance our banking footprint in Malaysia, even as the
Bank continues its physical expansion throughout the region," added Ms. Kwok.
"We have developed a solid team of dedicated employees here who know the local
market and deliver great products and services."
    Scotiabank's Malaysian branches, now offer a broad range of products and
services for corporate and commercial clients, as well as trade finance and
treasury customers. The branches also provide personal banking services such
as savings accounts, term deposits, mortgages, overdrafts, remittances and
foreign exchange. The IOFC in Labuan offers foreign currency loans, as well as
trade finance products and services.
    "Scotiabank is committed to meeting the needs of its Malaysian clients,"
said Rasool Khan, Country Head, Scotiabank in Malaysia. "We are excited about
the potential of our expanded operations and look forward to adding value to
our existing and prospective customers and growing with them."
    Scotiabank has announced 12 international acquisitions in the last four
years. As Scotiabank celebrates its 175th anniversary year, the International
Banking business' contribution to annual total net income has increased to
Cdn$1.1 billion, or 30 per cent in 2006, compared to $483 million, or 23 per
cent in 2001.
    Last week, Scotiabank announced an agreement to acquire 24.99 per cent of
Thanachart Bank, Thailand's eighth-largest bank and leading automobile lender.
The Bank also acknowledged its intention last week to explore a strategic
partnership and minority investment in China's seventh-largest city commercial
bank, Bank of Dalian, formerly Dalian City Commercial Bank.

    Scotiabank operates in 11 countries in the Asia-Pacific and Middle East
region, with about 700 employees and 30 branches and offices. The Bank
primarily offers corporate and commercial products and services, including
loans, trade finance, treasury, precious metals, foreign exchange and project
and transportation financing, correspondent banking, loan syndications,
securities investment and retail mortgage financing in selected countries.
    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With over 57,000 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 $396 billion in assets (as at January 31, 2007), 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, in Toronto, at (416)
866-3703, and; or Rasool Khan, Scotiabank, in
Kuala Lumpur, at 603-2141 6089, and

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