Scotiabank to report Visa gain as well as ABCP and structured credit instrument write-downs in fourth quarter

    TORONTO, Nov. 13 /CNW/ - Scotiabank today announced that as a result of
the Bank's domestic and international interests in Visa Inc., it will record a
gain of approximately $200 million pre-tax (approximately $160 million
after-tax) in the fourth quarter ended October 31, 2007. Visa Inc. was formed
as a result of a reorganization of Visa Canada, Visa USA and Visa
    The amount of the gain was determined by an independent valuation of
shares the Bank received through participation in the Visa restructuring and
the finalization of Scotiabank's ownership percentage in Visa Inc., as at the
restructuring date.
    Scotiabank also announced that in its fourth quarter 2007 results there
will be mark-to-market write-downs on non-Bank asset-backed commercial paper
(ABCP) and structured credit instruments of approximately $190 million
(approximately $135 million after-tax).
    Scotiabank is in the process of preparing its fourth quarter and year-end
results. The information provided above is based on current estimates and is
subject to change. The fourth quarter and year-end results will be issued on
December 6, 2007.

    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

    Forward-looking statements
    This document includes forward-looking statements which are made pursuant
to the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian securities
legislation. These statements include comments with respect to the Bank's
objectives, strategies to achieve those objectives, expected financial results
(including those in the area of risk management), and the outlook for the
Bank's businesses and for the Canadian, United States and global economies.
Forward-looking statements are typically identified by words or phrases such
as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may
increase," "may fluctuate," and similar expressions of future or conditional
verbs such as "will," "should," "would" and "could."
    By their very nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and specific, and
the risk that predictions and other forward-looking statements will not prove
to be accurate. The Bank cautions readers not to place undue reliance on these
statements, as a number of important factors could cause actual results to
differ materially from the estimates and intentions expressed in such
forward-looking statements. These factors include, but are not limited to, the
economic and financial conditions in Canada and globally; fluctuations in
interest rates and currency values; liquidity; the effect of changes in
monetary policy; legislative and regulatory developments in Canada and
elsewhere; operational and reputational risks; the accuracy and completeness
of information the Bank receives on customers and counterparties; the timely
development and introduction of new products and services in receptive
markets; the Bank's ability to expand existing distribution channels and to
develop and realize revenues from new distribution channels; the Bank's
ability to complete and integrate acquisitions and its other growth
strategies; changes in accounting policies and methods the Bank uses to report
its financial condition and the results of its operations, including
uncertainties associated with critical accounting assumptions and estimates;
the effect of applying future accounting changes; global capital markets
activity; the Bank's ability to attract and retain key executives; reliance on
third parties to provide components of the Bank's business infrastructure;
unexpected changes in consumer spending and saving habits; technological
developments; consolidation in the Canadian financial services sector; changes
in tax laws; competition, both from new entrants and established competitors;
judicial and regulatory proceedings; acts of God, such as earthquakes and
hurricanes; the possible impact of international conflicts and other
developments, including terrorist acts and war on terrorism; the effects of
disease or illness on local, national or international economies; disruptions
to public infrastructure, including transportation, communication, power and
water; and the Bank's anticipation of and success in managing the risks
implied by the foregoing. A substantial amount of the Bank's business involves
making loans or otherwise committing resources to specific companies,
industries or countries. Unforeseen events affecting such borrowers,
industries or countries could have a material adverse effect on the Bank's
financial results, businesses, financial condition or liquidity. These and
other factors may cause the Bank's actual performance to differ materially
from that contemplated by forward-looking statements. For more information,
see the discussion starting on page 53 of the Bank's 2006 Annual Report.
    The Bank cautions that the foregoing list of important factors is not
exhaustive. When relying on forward-looking statements to make decisions with
respect to the Bank and its securities, investors and others should carefully
consider the foregoing factors, other uncertainties and potential events. The
Bank does not undertake to update any forward-looking statements, whether
written or oral, that may be made from time to time by or on behalf of the
    Additional information relating to the Bank, including the Bank's Annual
Information Form, can be located on the SEDAR website at and on
the EDGAR section of the SEC's website at

For further information:

For further information: Ann DeRabbie at (416) 933-1344

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