TORONTO, May 11, 1998 -- Scotiabank, Canada's most international bank with operations in 53 countries, is endowing a new Professorship in International Business at York University's Schulich School of Business, Canada's most international business school with strategic alliances in 45 countries worldwide.

The new Professorship, which will enrich the School's international courses, research and outreach activities, was announced May 6 after a reception for International MBA (IMBA) students who have just returned from compulsory global work assignments. This year's 44 interns worked in 12 different languages in 19 countries around the world.

Scotiabank will endow the Professorship, and will provide in-kind support to the School's international internship program, bringing the Bank's support of the Schulich School's international initiatives to $1 million.

This year, Scotiabank has already hosted two IMBA interns. One of them, 29-year-old Matthew Stewart, just returned from an eight-month stint working in Spanish in Santiago, Chile, for Scotiabank partner Banco Sud Americano. His activities ranged from analysing the impact of the Asian crisis on companies in northern Chile's Free Trade Zone, to preparing promotional material on Scotiabank's strategy in Latin America for public distribution during Team Canada's recent visit to the country. Stewart shared the benefits of his Chilean internship with members of the Schulich School of Business International Advisory Council, at a meeting following the reception.

"My introduction to international banking could not have been more complete. It was a tremendous experience from a personal and professional point of view. I was able to meet the challenge of adapting to a new culture while benefiting from my work experience with a well-resourced Canadian company in an international setting," said Stewart.

Scotiabank Chairman and CEO Peter Godsoe said Schulich's dedication to building a truly global business school is in step with Scotiabank's longstanding commitment to internationalization.

"Scotiabank is pleased to continue its commitment to international business education through this gift to the Schulich School of Business at York University. Canadian businesses must view the entire world as one marketplace and to truly understand how best to operate in that marketplace, businesses must invest and partner with Canada's finest educational institutions," said Godsoe. "The Scotiabank Professorship in International Business will help ensure that opportunities in this ever expanding and increasingly essential area of study are identified, analysed and understood," he added.

Dezso Horvth, Dean of the Schulich School of Business, said that internationalization is necessary for Canadian competitiveness, and by extension, for maintaining the high standard of living we enjoy.

"I am pleased that Scotiabank, which is so highly regarded for its own global outreach, has chosen to support Schulich's efforts to prepare its business graduates for an increasingly internationalized world," he said.

Scotiabank and Schulich share a history of support for internationalization. Earlier this year, the Schulich School of Business was presented with its second consecutive national Scotiabank/Association of Universities and Colleges Award for Excellence in Internationalization. The School won the 1998 award for its International IMBA program, the first of its kind in Canada.

Located in Toronto, the Schulich School of Business is home to Canada's largest graduate management program for business. Since Schulich's establishment in 1965, more than 13,000 students have graduated from its undergraduate, graduate and postgraduate programs. The Schulich School has embraced globalization in the fullest sense, establishing strategic alliances with universities and corporations in the world's major trading regions, pioneering new areas of international business specialization, and encouraging multiculturalism and understanding across countries, cultures and time zones.

With C$211 billion in assets and more than 41,000 employees, Scotiabank is one of North America's largest financial services companies. It is also Canada's most international financial institution, with 1,747 branches and offices in more than 50 countries on five continents.

For more information, please contact:

Sine MacKinnon
Senior Advisor, Media Relations
York University
(416) 736-2100, ext. 22087

Diane Flanagan
Senior Consultant, Public Affairs
Scotiabank
(416) 866-6204
YU/043/98