BNV Bank Nova Scot

RNS No 6370j
BANK OF NOVA SCOTIA
1st October 1997

SCOTIABANK PURCHASES MOCATTA BULLION & BASE METALS
 
Toronto, October 1 - Scotiabank announced today that it has signed an
agreement to acquire Mocatta Bullion & Base Metals, a division of Standard
Chartered Bank of the UK. The deal, subject to regulatory approval, will
establish Scotiabank as one of the world's leading metals trading and bullion
banks by global coverage. The purchase price will not be material to
Scotiabank.
 
"Scotiabank is currently the leading bullion bank in Canada," said Peter
Godsoe, Scotiabank Chairman and CEO. "When we studied the situation we
determined that this was an area where we could build on our existing
strengths and establish ourselves as world leaders. Mocatta presented itself
as a perfect match which would enable Scotiabank - under the marketing banner
of Scotia Capital Markets - to become a full-service metals dealer."
 
"Mocatta's expertise and world standing will enhance our overall capabilities
and will translate into increased strengths for several areas of our firm,"
said Scotia Capital Markets Chairman and CEO Gord Cheesbrough.
 
"For example, Scotia Capital Markets is strong in mining equity research, and
corporate and investment banking for the mining sector. The addition of
Mocatta's global trading operations will enable us to offer clients integrated
solutions across a complete range of base and precious metals services."
 
Established in 1671, Mocatta is the oldest and one of the world's largest
metals trading businesses. Integrating this business within Scotia Capital
Markets will create numerous synergies. Mocatta's strong international
industrial consumer base will complement Scotia Capital Markets' solid bullion
relationships with mining companies. Combining Scotia Capital Markets'
presence in the North American base metals market with Mocatta's worldwide
base metals operations will establish this new entity as a global full-service
metals dealer.
 
Subject to regulatory approval, Scotiabank - through Scotia Capital Markets -
will retain Mocatta's prestigious standing as only one of five London Gold
Fixing Members, one of three Silver Fixing Members, and as one of 15 Ring
Dealing Members of the London Metals Exchange.
 
The transaction will involve a number of exchange memberships including:
London International Financial Futures Exchange Limited (LIFFE), The
International Petroleum Exchange, The Tokyo Commodity Exchange (TOCOM),
Commodity Exchange Inc. (COMEX) a division of the New York Mercantile Exchange
and ownership of Iron Mountain, one of six recognised delivery warehouses for
COMEX.
 
"The integration of Mocatta with our existing metals operations will
strategically position us to take advantage of opportunities in expanding
markets such as commodities trading in the Middle and Far East, mining sector
project finance and other structured transactions," said Larry Scott, Head of
Scotia Capital Markets Europe and Global Head of Precious and Base Metals.
 
With more than Canadian $ 196 billion in assets, Scotiabank is one of North
America's largest financial services companies. It is also Canada's most
international financial institution, with branches and offices in more than 50
countries around the world.
 
The Scotia Capital Markets banner represents the capital markets businesses of
The Bank of Nova Scotia and ScotiaMcLeod Inc. ScotiaMcLeod Inc. is a
subsidiary of The Bank of Nova Scotia. The Scotiabank website can be found at
www.scotiabank.ca while Scotia Capital Markets' is located at
www.scotiacapital.com.
 
Contact: Donna Cox, Public Affairs, Scotiabank, tel (Canada) 00 1 416
866-3708.
 

END

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