Scotiabank appoints Alberta G. Cefis to head Global Transaction Banking

TORONTO, March 30 /CNW/ - Scotiabank today announced the appointment of
Alberta G. Cefis to the position of Executive Vice-President and Group Head, Global Transaction Banking, effective April 30, 2006. Global Transaction Banking provides totally integrated business solutions to businesses of all sizes on a global basis. Ms. Cefis is currently Executive Vice-President, Domestic Personal Lending and Insurance, and President & CEO, Scotia Mortgage Corporation.

"In her new role, Alberta's extensive experience and wide ranging expertise will be tremendously valuable in achieving the strategic objectives of the Bank on a global level," said Rick Waugh, President and CEO, Scotiabank. "As Canada's most international bank, we have a unique global footprint, and our Global Transaction Banking division is very important in meeting the needs of our clients and our growth objectives. This appointment demonstrates that the Bank has the depth and breadth of executive and senior management talent to ensure strong leadership now and in the future."

Ms. Cefis, who joined Scotiabank in 1999, has extensive experience in retail banking, wealth management, business banking, risk management, operations and service delivery, marketing, strategic planning and organizational development. In 2003, 2004 and 2005, she was named to the Top 100 List of Canada's Most Powerful Women (by the Women's Executive Network and the University of Western Ontario's Richard Ivey School of Business). She is actively involved in a number of industry associations and community endeavours. Currently, she is Chair of the Chip Executive Council, Director of the Visa Canada Association Board and Director of the Visa International Board.

Ms. Cefis, who, in her new role, will report directly to Bob Brooks, Vice- Chairman and Group Treasurer, Scotiabank, will be replacing Albert Wahbe, currently the Bank's Executive Vice-President and Group Head, Global Transaction Banking. Mr. Wahbe is retiring from the Bank on May 31st, 2006 after more than 26 years of service.

"Throughout his career with the Bank, Albert has held a variety of senior executive positions and has made a tremendous contribution to the development and evolution of Scotiabank's systems, operations and electronic banking," said Mr. Waugh. "I thank him for the contributions he has made and wish him all the best."

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 50,000 employees, Scotiabank Group and its affiliates serve about 10 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 $325 billion in assets (as at January 31, 2006), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit www.scotiabank.com.

For further information: Frank Switzer, Public Affairs, (416) 866-7238
or frank_switzer@scotiacapital.com