Scotiabank completes acquisition of ING Bank of Canada (ING DIRECT)

Scotiabank completes acquisition of ING Bank of Canada (ING DIRECT) 
/NOT FOR RELEASE OR DISSEMINATION IN THE UNITED STATES/ 
TORONTO, Nov. 15, 2012 /CNW/ - Scotiabank announced today that it has 
completed its acquisition of ING DIRECT Canada from its Netherlands-based 
parent ING Group, having received all required regulatory approvals. 
"I am very pleased to announce the completion of Scotiabank's acquisition of 
ING DIRECT Canada," said Anatol von Hahn, Scotiabank Group Head, Canadian 
Banking. "ING DIRECT will continue to operate as a separate and distinct 
wholly-owned subsidiary, providing low cost and highly competitive products to 
self-directed customers. This acquisition is a great opportunity for us and 
supports our strategic objectives. From a Canadian market perspective, this 
announcement means the preservation of a banking option for those customers 
who feel it best meets their needs. Customers will be able to interact with 
ING DIRECT the way they do now; their account numbers, bank cards and 
passwords will not change. From a Scotiabank shareholder perspective, it 
enables us to broaden our funding base and ING DIRECT's revenues and earnings 
will support the Bank's overall growth objectives." 
"This is an exciting opportunity for ING DIRECT in Canada," said Peter Aceto, 
CEO of ING DIRECT Canada. "Our bank will benefit from the backing of a 
strong, stable Canadian shareholder providing additional resources that will 
enable us to focus on areas of strategic growth. Almost two million 
Canadians have chosen us to do some or all of their banking and with 
Scotiabank's support, we will build on what ING DIRECT's customers have come 
to love about us." 
Scotiabank is one of North America's premier financial institutions and 
Canada's most international bank. With more than 81,000 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. With assets 
of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) 
and New York Exchanges (BNS). For more information please visit 
www.scotiabank.com. 
Caution regarding forward looking information:
Our public communications often include oral or written forward-looking 
statements. Statements of this type are included in this document, and may be 
included in other filings with Canadian securities regulators or the United 
States Securities and Exchange Commission, or in other communications. All 
such statements 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. Forward-looking statements may 
include comments with respect to the Bank's acquisition of ING DIRECT and 
plans for the business. Such statements are typically identified by words or 
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to: the economic and financial conditions in Canada and globally; fluctuations 
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including changes in tax laws; the effect of changes to our credit ratings; 
amendments to, and interpretations of, risk-based capital guidelines and 
reporting instructions and liquidity regulatory guidance; operational and 
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take into account all relevant factors; 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 financial performance, 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 
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conflicts and other developments, including terrorist acts and war on 
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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 63 of 
the Bank's 2011 Annual Report. 
The preceding 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 preceding 
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 its behalf. 
Additional information relating to the Bank, including the Bank's Annual 
Information Form, can be located on the SEDAR website at www.sedar.com and on 
the EDGAR section of the SEC's website at www.sec.gov. 
For media enquiries: Ann DeRabbie, Scotiabank Media Communications, 
416-933-1344 Andrew Chornenky, Scotiabank Media Communications, 416-866-4826 
For investor inquiries: Peter Slan, Scotiabank Investor Relations, 416-933-1273 
SOURCE: Scotiabank 
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CO: Scotiabank
ST: Ontario
NI: FIN MNA  
-0- Nov/15/2012 13:45 GMT
 
 
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