Scotia Capital Economist Ranked No. 1 in the UK

LONDON, June 10, 2011 /PRNewswire/ --

Scotia Capital, the wholesale banking division of Scotiabank, today announced that the firm's new economist Alan Clarke has been ranked No. 1 in the 2011 Thomson Reuters Extel Pan-European survey.

"Alan Clarke's strong background as an economic expert for the UK and Euro zone will be important in our building a first-class business franchise," said Sunay Yildiz, Managing Director, Head Interest Rate Sales and Trading Europe.

Mr. Clarke joined Scotia Capital's European Fixed Income Strategy Team as Director, UK and Euro zone economist, following a 10-year run as Chief UK economist with a major London-based financial services company. He has a Masters in Finance from the London Business School, and Economics and Finance degrees from the University of Southampton. He has accumulated many awards in his career, including No. 3 rankings in the 2009 and 2010 Thomson Reuters Extel Pan-European surveys. In 2010, Mr. Clarke was ranked No. 3 among the most accurate UK forecasters by the Sunday Times. A year earlier, he was listed in the Top 100 Rising Stars in London by efinancial News.

"Scotia Capital is focused on the expansion of its Global Fixed Income platform and adding Alan Clarke to our team demonstrates our commitment to the expansion in Europe," said Mark Caplan, Managing Director and Head of Scotia Capital Europe.

Mr. Clarke is joined on Scotia Capital's European Fixed Income Strategy Team by Frederic Pretet, who specializes in inflation linked bond market strategy. Mr. Pretet's experience as a eurozone economist complements Mr. Clarke's background.

"Moving to Scotia Capital is a fantastic opportunity to work with a dynamic team of experienced professionals in London and Europe," said Mr. Clarke. "I am extremely grateful to all the investors that took the time to vote for me and whom I have had the pleasure of working with over the last 12 months. I look forward to doing an even better job over the coming year and doing my bit to help our clients have a profitable year."

Thomson Reuters Extel market surveys are designed to help all three sides of the investment community to identify excellence and inform investment decisions.

Scotia Capital is the global corporate and investment banking and capital markets division of the Scotiabank Group. We help corporate, institutional and government clients in Canada and around the globe seize opportunities, unlock value, and achieve their financial goals. Scotia Capital has 29 offices and more than 300 relationship managers organized around industry specialties. For more information, please visit http://www.scotiacapital.com.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $571 billion (as at April 30, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com.

For further information:

Alan Clarke at +44-207-826-5986, or alan_clarke@scotiacapital.com; or Joe Konecny at +1(416)933-1795 or joe_konecny@scotiacapital.com