Exhibit 99.2

Scotiabank increases dividend on common shares

TORONTO, November 29, 2005 - Scotiabank today increased the dividend on its common shares by two cents to 36 cents per common share for the quarter ending January 31, 2006, payable on January 27, 2006, to shareholders of record at the close of business on January 3, 2006.

The Bank also declared the following dividends on Non-Cumulative Preferred Shares for the quarter ending January 31, 2006, payable on January 27, 2006, to shareholders of record at the close of business on January 3, 2006:

•	Series 12,	Dividend No. 30	of	$0.328125	per share;
•	Series 13,	Dividend No. 3	of	$0.30	per share.

Holders may elect to receive their dividends in common shares of the Bank in lieu of cash dividends, in accordance with the Bank’s Shareholder Dividend and Share Purchase Plan.

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For further information:

Kevin Harraher, Vice-President, Investor Relations, (416) 866-5982

Jennifer Sclisizzi, Scotiabank Public Affairs, (416) 866-3625