Scotia Capital unveiled to clients today: fully integrated corporate and investment banking from Scotiabank Group

TORONTO, November 1, 1999 – The structure and approach of Scotia Capital were unveiled today by Barry Luter and David Wilson, who, effective today, are Co-Chairmen and Co-CEO's, Scotia Capital. Scotia Capital encompasses the products and services formerly offered to institutional clients through Scotia Capital Markets and the global corporate banking products and services formerly offered by Scotiabank.

The key feature of Scotia Capital's organizational structure is a focus around clients rather than products. Canadian clients with complex and multi-product needs are now served by a dedicated, product-neutral Relationship Manager who is a specialist in a specific industry. Relationship Managers are part of Scotia Capital's Canadian Relationship Management structure.

The Canadian Relationship Management structure takes a three-pronged approach with Client Coverage Teams, Industry Teams, and Deal Teams. Client Coverage Teams are a consistent point of contact for the client, and are focused on relationship building. These teams draw on the knowledge and expertise of one of nine Industry Teams, which are responsible for developing broader industry perspective and strategy.The nine Industry Teams are: Communications and Technology; Consumer Products; Financial Services; Forest Products; Industrial Products; Mining; Oil & Gas and Pipelines; Privatization, Infrastructure, and Power; and Real Estate. Deal Teams are brought together for specific transaction execution.

Other Canadian clients with very specific or single-product needs are served by Product Specialists who are part of a parallel organizational structure. Product Specialists are associated with either Canadian Capital Structuring or Global Trading, the two core divisions which complement the Canadian Relationship Management structure in Canada.

Outside of Canada, the firm has re-organized into three major geographic units -- Eastern United States, Western United States, and Europe. Industry specialty groups continue to be an integral part of Scootia Capital's product and service offerings outside of Canada.

"Service by Relationship Managers is a fundamental shift. To get to where we are today, we took a hard look at the best practices of leading global financial institutions. We also listened very carefully to what our clients had to say. The Scotia Capital approach is the most radical, the most unique among all Canadian firms," said Mr. Luter.

"Clients deserve and demand fully integrated and creative solutions from their investment and corporate bankers. Our re-organization has everything to do with learning what our clients need and then delivering financial products to fill those needs," said Mr. Wilson.

"Last year, Corporate Banking and Investment Banking contributed a very significant part of Scotiabank's earnings as separate business units. Combined as Scotia Capital, we are very excited about the future," added Mr. Luter and Mr. Wilson.

The legal entity name ScotiaMcLeod Inc. has been changed to Scotia Capital Inc. The ScotiaMcLeod name will continue to be used for full-service retail brokerage business, which is now part of Scotiabank's wealth management division. In the U.S., the legal name has been changed from Scotia Capital Markets (USA) Inc. to Scotia Capital (USA) Inc. The Scotia Capital trademark represents the global corporate and investment banking businesses of The Bank of Nova Scotia, Scotia Capital Inc. and Scotia Capital (USA) Inc.

For more information: Jane Shannon, Public Affairs, (416) 933-1795