Exhibit 99.2

News release via Canada NewsWire, Toronto 416-863-9350

    Attention Business/Financial Editors:

    Scotiabank announces dividend on common shares

    TORONTO, March 3 /CNW/ - Scotiabank today announced a dividend of
36 cents per common share for the quarter ending April 30, 2006, payable on
April 26, 2006, to shareholders of record at the close of business on April 4,
2006.
    The Bank also declared the following dividends on Non-Cumulative
Preferred Shares for the quarter ending April 30, 2006, payable on April 26,
2006, to shareholders of record at the close of business on April 4, 2006:

    -  Series 12, Dividend No. 31     of $0.328125    per share;
    -  Series 13, Dividend No. 4      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.
    %SEDAR: 00001289EF          %CIK: 0000009631

    /For further information: Kevin Harraher, Vice-President, Investor
Relations, (416) 866-5982; Jennifer Sclisizzi, Scotiabank Public Affairs,
(416) 866-3625/
    (BNS. BNS)

CO:  Scotiabank - Financial Releases; Scotiabank

CNW 08:38e 03-MAR-06