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News from CNW Group

Tuesday, November 08, 2005

TORONTO, Nov. 8 /CNW/ - Scotiabank announced today that it has acquired the Canadian operations of NBG Bank, National Bank of Greece (Canada), a full service chartered bank and a wholly owned subsidiary of the National Bank of Greece S.A., headquartered in Athens, Greece.

The transaction announced includes all assets and liabilities of NBG Bank, whose Canadian operations comprise 10 branches in the cities of Montreal, Laval, Toronto, Scarborough, Mississauga, and Hamilton. The agreement is pending regulatory approval and terms of the agreement have not been disclosed.

"The acquisition of NBG Bank is evidence of Scotiabank's commitment to customers and to continuing to grow our Canadian operations," said Wendy Hannam, Executive Vice-President, Domestic Branch Banking, Scotiabank. "I am pleased that we can play a part in ensuring the Greek community, and all the customers of NBG Bank, continue to be well served. For example, very soon, NBG Bank customers will be able to use any of the more than 2,600 Scotiabank ABM's without paying any Interac or convenience fees. Our ongoing focus will be to provide customers with first-rate products and services to meet their financial needs, while welcoming our new employees into the supportive and rewarding environment of Scotiabank Group."

"This is a win-win deal for NBG Bank and Scotiabank. We have great confidence that Scotiabank will continue to meet the needs of our customers and employees," said Nicholas Avgoustakis, Chief Executive Officer of NBG Bank.

NBG Bank is a full service Canadian chartered bank, and a wholly owned subsidiary of the National Bank of Greece S.A. (NBG S.A.), which is one of the largest financial institutions in Europe. NBG Bank operates 10 branches in Canada, located in Quebec and Ontario. NBG Bank has over 250 employees and caters to individuals as well as small and medium sized businesses in Canada, with particular emphasis on personalized service to its clientele. For more information, please visit www.nbgbank.com

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 $318 billion in assets (as at July 31, 2005), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit www.scotiabank.com.

For further information: Media Contact: Frank Switzer, Scotiabank, (416) 866-7238

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