ING Bank of Canada Announces Redemption of Floating Rate Subordinated Notes due December 5, 2016

 ING Bank of Canada Announces Redemption of Floating Rate Subordinated Notes
                             due December 5, 2016

PR Newswire

TORONTO, Jan. 7, 2013

TORONTO, Jan.  7, 2013  /PRNewswire/ -  ING  Bank of  Canada, a  wholly  owned 
subsidiary of Scotiabank (BNS: TSX, NYSE),  today announced that it intends to
redeem all outstanding Floating Rate  Subordinated Notes due December 5,  2016 
(the "Notes") for 100% of their principal amount plus accrued interest to  the 
redemption date. The redemption will occur on March 5, 2013.

About ING DIRECT

ING Bank of Canada, operating under the trade name of ING Direct, is a  wholly 
owned subsidiary of  Scotiabank.  ING DIRECT is  Canada's leading direct  bank 
with over  1.8 million  Clients and  close  to $40  billion in  total  assets. 
ING DIRECT is  the  bright way  forward  in everyday  banking  for  Canadians, 
offering value added, simple products such as high interest savings  accounts, 
including TFSAs, GICs and RSPs with no  fees or service charges, low rates  on 
mortgages and a no-fee,  daily chequing account  that actually pays  interest. 
Low cost, index based mutual funds are sold through ING DIRECT Funds  Limited. 
ING DIRECT has been  operating in  Canada since 1997,  and paid  more than  $5 
billion in interest to Clients. ING DIRECT is open for banking 24 hours a day,
7 days a  week, at  ingdirect.ca, on mobile  devices at  m.ingdirect.ca or  by 
calling 1-800 ING DIRECT (1-800-464-3743).

SOURCE ING DIRECT

Contact:

John Calvieri,
VP Head of Treasury
(416) 758-5105
jcalvieri@ingdirect.ca.