Scotiabank Closes Transaction to Buy Chile's Seventh-Largest Bank

    SANTIAGO and TORONTO, Nov. 26 /CNW/ - Scotiabank today announced it has
closed a US$1.02 billion transaction to acquire Banco del Desarrollo, Chile's
seventh largest bank. Scotiabank acquired 19,845,247 or 99.5 per cent of Banco
del Desarrollo shares, valued at $51.79 per share.
    "Chile is one of the most dynamic and developed markets in South
America," said Rick Waugh, Scotiabank's President and CEO. "We have a long and
strong history of serving the Chilean market. The addition of Banco del
Desarrollo fits with our strategy of driving sustainable revenue growth by
building our presence in countries where we have existing operations."
    James Callahan, Senior Vice-President and General Manager, Scotiabank Sud
Americano, added: "As an international bank with 175 years of experience, we
are optimistic about Scotiabank's future in Chile and confident this
acquisition will complement our level of customer service. Scotiabank is known
throughout the region for its stability, strong customer focus and in
particular, dedication to the communities it serves."
    With total assets of more than US$5.7 billion, Banco del Desarrollo has a
nationwide network of 74 branches. It specializes in mid-market commercial
lending, small business and micro business lending, as well as consumer
    Scotiabank's Chilean subsidiary, Scotiabank Sud Americano, has total
assets of US$4.4 billion and 57 branches providing services in retail banking
and personal lending, wealth management, corporate and investment banking
services, commercial lending and insurance.
    The combined operations will create Chile's sixth largest bank. At a
meeting of the new Board of Directors today, Sergio Concha, a Chilean banker
with nearly 30 years experience serving Central and Latin America, was named
the new General Manager of Banco de Desarrollo.
    "All of us at Scotiabank welcome these new customers and the employees
that will join us in the Scotiabank family," said Mr. Concha. "We are deeply
committed to providing employees with a great place to work and to delivering
the highest level of expertise and service to our customers."
    Banco del Desarrollo was founded with a mission to support community and
social development, providing banking services to small and medium-sized
companies, community organizations and individuals entering the financial
services market. Scotiabank shares Banco del Desarrollo's commitment to
serving these markets and to helping all customers become financially better
    Scotiabank first entered the Chilean market in 1990 with a 25 per cent
stake in Banco Sud Americano. In 2000, it increased its ownership to
98.8 per cent and, in 2001, re-branded the subsidiary as Scotiabank Sud

    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 further information:

For further information: Krista Pawley, Scotiabank, (416) 866-3703, or; or Juanita Rodriguez, Scotiabank,
56-2-6926310 or

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