TORONTO, July 12, 2013 /CNW/ – Scotiabank today announced that it has
withdrawn its application to acquire a 19.99% stake in the Bank of
Guangzhou (BGZ). Since announcing the proposed investment in September
of 2011 Scotiabank and the City of Guangzhou have re-evaluated the
proposed partnership in light of changing conditions.

“Scotiabank will continue to consider future opportunities for
investment in China that are in line with our strategy and footprint in
the region,” said Dieter Jentsch, Scotiabank’s Group Head of
International Banking. “The Bank also remains focused on our existing
operations in the country including the recently announced Bank of
Beijing Scotia Asset Management Joint Venture and 19% stake in Bank of
Xi’an.”

The Bank has had a presence in China since 1982 and over the past 31
years has grown to include branches in Guangzhou, Chongqing and
Shanghai. The Bank also has branches in Hong Kong and Taipei.

“Scotiabank would like to acknowledge the work done by both the City of
Guangzhou and Bank of Guangzhou in considering the partnership and we
continue to see great potential in the financial sector of Guangzhou,”
added Mr. Jentsch. “We also recognize the work of the Canadian
government in promoting the country’s financial sector and the Canada
Brand in Asia and around the world.”

About Scotiabank
Scotiabank is a leading multinational financial services provider and
Canada’s most international bank. With more than 83,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication.
With assets of $754 billion (as at April 30, 2013), Scotiabank trades
on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.

SOURCE Scotiabank