Scotiabank Celebrates Multicultural Diversity in the GTA

    Day marked by announcements in India, Peru

    TORONTO, June 19 /CNW/ - With Canada Day fast approaching, Scotiabank
hosted a reception this evening to celebrate the GTA's multicultural
communities. The event featured mariachis, a ceremonial lion dance and a
traditional South Asian dance. The celebration came on a day when the Bank
announced agreements in Peru and India.
    Scotiabank today announced an agreement with India's second largest
private bank, HDFC Bank that would enable Scotiabank to reach out to people
considering immigrating to Canada from India before they leave home and offer
a referral option for Canadian residents seeking a banking relationship in
India. The Bank also announced that it has acquired a 47.5 per cent stake in
the private Peruvian pension fund Profuturo. Scotiabank will be working in
partnership with a group of Profuturo's existing local shareholders to manage
the company.
    "As Canada's most international bank with a presence in some 50 countries
around the world, we recognize the needs of the diverse Canadian population
and have a great understanding of international markets and cultural
differences," said Rick Waugh, President and CEO, Scotiabank. "Scotiabank has
a long history of supporting and reaching out to Canada's multicultural
communities, but we recognize that in order to continue to succeed and better
serve these communities we need to continually enhance our capabilities. By
establishing a separate unit of the Bank to focus on the work we do with
multicultural communities, we are able to better identify and meet our
customers' needs."
    Scotiabank's Multicultural Banking unit, headed by Vice-President
Rania Llewellyn, was launched earlier this year and includes Pankaj Mehra,
Director of India and South Asian Markets, and Gina Li, Director of Asian
Markets. In early May, Scotiabank launched the StartRight(TM) suite of
financial services created to meet the immediate banking needs of recently
arrived new Canadians and offer financial tools and useful tips to help them
build a richer life for their families.
    Scotiabank branches reflect the communities they serve. Many branches
offer the ability to serve customers in the languages spoken in the
surrounding area and the contact centres are able to provide customer support
in a range of languages. Scotiabank also offers multilingual materials for
many products and services that branches can customize and provide to
    "With over 250,000 immigrants arriving in Canada each year, and the
majority settling in large urban areas, there is an ongoing need to look at
the services we provide to the multicultural communities we serve," said
Ms. Llewellyn. "Our extensive research and everyday interaction with our new
Canadian customers reinforced the need to continue to reach out to their
respective communities through a range of partnerships and sponsorships, and
to back up that outreach with relevant financial products and services."
    In 2008, Scotiabank has launched a series of partnerships and initiatives
that build on its long history of supporting multicultural communities. In
February, Scotiabank was the first Canadian-based bank to launch a
Euro-denominated savings account. In April, Scotiabank and Western Union
announced the national rollout of a partnership that enables Scotiabank
customers to use branch or online banking services to send money transfers to
more than 200 countries using the global reach of Western Union. New community
partnerships announced in 2008 include Scotiabank Caribana, a celebration of
Caribbean culture that takes place annually in Toronto, as well as sponsorship
of Cricket Canada and associated key cricket events across the country. These
partnerships reinforce the very strong local connections and partnerships that
Scotiabank branches across Canada have continually established over the Bank's
176-year history.

    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

    Scotiabank Multicultural Banking Backgrounder

    Scotiabank continues to build on its solid foundations of serving
Canada's multicultural communities. Below are some recent examples of
products, services, and partnerships that we have introduced.

    Scotiabank StartRight(TM)

    -   Scotiabank's StartRight(TM) program addresses the initial banking
        needs of recently arrived new Canadians and offers them financial
        tools to build a richer life for themselves and their families. We
        are offering simple yet complete financial solutions in one
        convenient package and are working with partners like Western Union
        to offer our customers unique value.

    -   The Scotiabank StartRight(TM) program offers simple yet complete
        financial solutions in one convenient package, including substantial
        savings on personal banking such as:
        -  Establishing a free Scotiabank Day-to-Day banking account for one
        -  Building credit history with a No-Fee Scotia Moneyback(R) VISA
        -  Securing valuables with a free Safety Deposit Box

    -   The broad-based Scotiabank StartRight(TM) program also includes
        helpful tips and advice for newcomers to Canada including ideas and
        resources to help with job searches, starting a business, finding and
        financing a home through the Scotia Welcome to Canada mortgage and
        applying for government-issued identification.

    -   Scotiabank StartRight(TM) program details are available through
        Scotiabank branches, online at or by
        calling 1-866-800-5159 (North America only).

    Euro Savings Account

    -   In February, Scotiabank became the first Canadian based-bank to offer
        the Euro Savings Account - recognizing the value of offering this
        account for customers with contacts in Europe.

    Scotiabank Caribana

    -   In March, Scotiabank announced a multi-year partnership to launch
        Scotiabank Caribana, a key cultural event that celebrates Caribbean
        culture in the city of Toronto. With Scotiabank as the leading bank
        in the Caribbean and Toronto's large and vibrant Caribbean community,
        it is a natural fit for Scotiabank to be the title sponsor for
        Scotiabank Caribana.

    Scotiabank and Western Union Partnership

    -   In April, Scotiabank and Western Union announced the national rollout
        of a partnership that enables Scotiabank customers to use branch or
        online banking services to send money transfers to more than
        200 countries using the global reach of Western Union. The
        partnership enables Scotiabank customers in diverse communities
        across the country to send money to friends and family in a safe,
        fast and convenient manner, simply by using their Scotia Card.

    Cricket Canada

    -   Also in April, Scotiabank announced a three year sponsorship
        agreement that makes Scotiabank the Premier National Sponsor and
        Official Bank of Cricket in Canada. The Scotiabank Canada Cup was
        presented at the Scotiabank National Cricket Championships held
        earlier this year in King City. The Scotiabank National Under-19
        Championship will be held later this year. In the coming months,
        Cricket Canada and Scotiabank will be working to develop a
        children- and youth-based program that will benefit a new generation
        of players.

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at
    Additional archived images are also available on the CNW Photo Archive
    website at Images are free to accredited
    members of the media/

For further information:

For further information: Patty Stathokostas, Scotiabank Public Affairs,
(416) 866-3625, or

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