PRESS RELEASES

Scotiabank Media Contact: Matthew Coorsh
(416) 933-1344

Congress Financial of Canada Media Contact: Joy K. Stewart
(416) 644-0850

September 08, 2004
Wachovia Subsidiary Congress Financial of Canada Announces a Strategic Alliance With Scotiabank

Toronto, Canada - Toronto-based Congress Financial of Canada, and Scotiabank (TSX: BNS), today announced a strategic alliance to provide asset-based financing to the Canadian market. Details of the agreement were not disclosed.

"With Congress Financial of Canada's national coverage and full-service operations, our alliance allows us to increase our breadth of product offering and enhance our ability to provide working capital solutions to our commercial customers," says Dieter Jentsch, Executive Vice President, Commercial Banking, Scotiabank.

"Scotiabank's focus on quality and commitment to commercial borrowers is impressive. We welcome this opportunity to work with Scotiabank's commercial banking distribution network. As a result, more commercial borrowers will be exposed to the benefits of asset-based lending solutions," says Wayne Ehgoetz, President Congress Financial of Canada.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With approximately 48,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With C$287 billion in assets (as at July 31, 2004), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit www.scotiabank.com.

Congress Financial of Canada is a subsidiary of Wachovia Corporation (NYSE: WB). Congress Financial of Canada, now in its 10th year, is Canada's leading full service asset-based lender with offices in Toronto, Montreal, and Vancouver. Congress Financial of Canada provides asset-based loans for refinancings, LBOs, MBOs, turnarounds, restructurings, cross border, CCAA and BIA financings in North America. Congress Financial operates in Canada, London U.K., and the U.S. through a network of offices in every important financial market, and is able to facilitate multi-national and multi-currency transactions. See www.congressfinancial.com.

Email This Page

Printer Friendly Version