Scotiabank Invests in Cidel, Barbados' Largest Private Bank and Trust Company

    BRIDGETOWN/TORONTO, Feb. 20 /CNW/ - Scotiabank and Cidel Bank & Trust
Inc. announced today that Scotiabank has acquired a minority equity stake in
Cidel, the largest privately owned bank and trust company incorporated in
Barbados. This investment is being made through the private equity investment
arm of Scotiabank, which has a global investment mandate to finance growing
private companies. Terms of the agreement were not disclosed.
    "We are very excited about our investment in Cidel," said Tony Cestra,
Managing Director and Head of Scotiabank Private Equity. "We are impressed
with Cidel's performance, its experienced management team and future growth
    Under the terms of the transaction, Mr. Cestra will be nominated to the
Board of Cidel, and Scotiabank and Cidel will explore opportunities to provide
cross referrals for products and services where appropriate.
    "We are pleased to be working with Scotiabank" said Geoff Matus, Chairman
of the Board of Cidel. "Scotiabank's insight, experience and international
presence will help Cidel achieve its full potential in the growing and
attractive wealth management market."
    Cidel, the largest privately owned bank and trust company incorporated in
Barbados, offers a range of products and services designed to enhance the
financial well-being of its clients around the world. Cidel has offices in
Barbados, Bermuda, South Africa and Canada, and is regulated by the Central
Bank of Barbados. Clients include private investors, regional and
international businesses and institutional investors. Focused on the high
value wealth management market, Cidel provides highly individualized financial
services, including investment advice and products, corporate and trust
services and international banking services.
    Scotiabank has been part of the Caribbean and Central America since 1889.
It is now the leading bank in the region, with operations in 24 countries,
including affiliates. The bank has some 11,689 employees in the region,
serving more than two million customers, with about 382 branches and about 903
automated banking machines.
    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 retail, commercial, corporate and investment banking. With
C$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: Craig Rimer, President & Chief Investment
Officer, Cidel Financial Group, (416) 928-4125 or

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