Date Closed

November 26, 2007

Lead Office

Toronto

Value

1.02 Billion USD

On November 26, 2007, Bank of Nova Scotia purchased a 99.5% stake in Chile's seventh largest bank, Banco del Desarrollo, for US$1.02 billion. The Chilean bank, which specializes in mid-market commercial lending, small business and micro-business lending and consumer finance, has assets of more than $5.7 billion and a network of 74 branches. As a result of this purchase, Scotiabank is the sixth-largest player in the Chilean banking market, with US$8.6 billion in combined assets and more than 130 branches, plus Desarrollo's 24 small business and micro-lending centers. The transaction moves Scotiabank into the "top tier" in the Latin American country, and probably will not be its last investment there.

McCarthy Tétrault LLP advised Scotiabank with a team that was led by Ian Arellano.