Scotiabank Capital Trust has filed a preliminary prospectus with securities commissions across Canada for a new issue of Scotiabank Trust Securities 2002 – 1, known as Scotia BaTS II.

Scotiabank Capital Trust has an open-end trust established under the laws of Ontario that will purchase senior ranking debt from Scotiabank. This is the first loan-based Tier 1 capital issue by a Canadian bank under OSFI’s August 2001 guidelines governing innovative Tier 1 capital.

The proposed issue is part of the Bank’s ongoing management of its Tier 1 capital structure. The underwriters for the transaction will be led by Scotia Capital.