UPDATE 1-Scotiabank sees wholesale growth opportunities-CEO

* Scotiabank eyes infrastructure, energy, precious metals

* CEO says will continue add-on acquisitions in 2010

* Says wealth management also a priority

TORONTO, Feb 3 (BestGrowthStock) – Bank of Nova Scotia (BNS.TO: ),
sees wholesale growth opportunities in market niches such as
energy and commodity trading and will continue with its
strategy of add-on acquisitions to expand its business, the
bank’s chief executive said on Wednesday.

Scotiabank, Canada’s No. 3 lender, also sees growth
potential in infrastructure, precious metals and other
specialty areas.

“We see some opportunities with the chaos that we all see
around the world right now and we will do it on a slow,
disciplined manner,” CEO Rick Waugh said at a Morgan Stanley
conference in New York.

He said the bank is also making wealth management a key
part of its strategy.

“We were always known as a lending bank and we didn’t have
the offset of wealth management, like some of our peers, so we
have made that a high priority and I’m really pleased to say
it’s starting to show very significantly in the numbers.”

Scotiabank is Canada’s most international bank, with
operations in Latin America, the Caribbean and parts of Asia.

It typically acquires small stakes in local banks and
gradually increases its interest over time, a conservative
approach that has helped it to limit mistakes and to create a
diversified international business.

Stock Report

(Reporting by Andrea Hopkins and John McCrank; editing by Rob
Wilson)

UPDATE 1-Scotiabank sees wholesale growth opportunities-CEO