Scotiabank reduces prime lending rate

    TORONTO, Oct. 10 /CNW/ - Scotiabank today announced a decrease of one
quarter of one per cent in its Canadian dollar prime lending rate. The new
rate is 4.25 per cent, effective Tuesday, October 14, 2008.
    "We are pleased to offer this reduction in interest rates to our
customers, which we believe will reinforce confidence in the Canadian
economy," said Chris Hodgson, Executive Vice-President and Head of Domestic
Personal Banking. "At a challenging time in world financial markets, this
reduction in interest rates reflects actions initiated by the Bank of Canada
and the federal government."

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For further information:

For further information: Paula Cufre, Scotiabank Public Affairs, (416)

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