Scotiabank Group Closes Deal to Acquire BBVA Crecer AFP and BBVA Seguros in the Dominican Republic

    SANTO DOMINGO and TORONTO, Dec. 13 /CNW/ - Scotiabank Group today
announced that the Group has closed a transaction to acquire controlling
interests in BBVA Crecer AFP - the Dominican Republic's largest pension fund
administrator in number of affiliates - and its related insurance company,
BBVA Seguros. Terms of the transaction were not disclosed.
    "Scotiabank Group has a long and strong history of serving customers in
the Dominican Republic," said Oscar Zimmerman, President and CEO Scotia Life
Insurance Company. "The addition of BBVA Crecer AFP and BBVA Seguros fits with
our strategy of driving sustainable revenue growth by building our presence in
countries where we have existing operations."
    BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion in
assets under management, representing a 32 per cent market share by number of
affiliates. BBVA Seguros was created in 2006 to provide life and disability
insurance to BBVA Crecer AFP's affiliates. BBVA Crecer AFP and BBVA Seguros,
together, have 99 employees.
    "I am pleased to announce that Miguel Jarsun, Scotiabank's former Head of
Personal Banking in the Dominican Republic, has been appointed President of
the newly acquired companies," said Jim Meek, Senior Vice-President, Dominican
Republic, Scotiabank. "Miguel is a strong leader with extensive experience in
the financial services sector. I know that his combination of experience and
insight will benefit employees and customers alike."
    "All of us welcome these new customers and employees who are joining the
Scotiabank Group family," said Miguel Jarsun. "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."
    Established in the Dominican Republic in 1920, Scotiabank has had a
continuous presence in the country for more than 85 years. Scotiabank has been
part of the Caribbean and Central America region since 1889 when the Bank
opened an office in Kingston, Jamaica. Some 118 years later, Scotiabank is the
leading bank in the region, with operations in 24 countries, including

    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 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: Krista Pawley, Scotiabank Public Affairs, (416)
866-3703, or

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