Bank of Nova Scotia reports that effective immediately Mike Durland is to assume the role of co-chairman and co-CEO, Scotia Capital and head, global capital markets.

“Scotia Capital is a key growth platform for the Scotiabank Group and its record profits of $1.1 billion in 2007 are a testament to the strength of our teams in both global corporate and investment banking and global capital markets,” stated Rick Waugh, Scotiabank president and CEO. “Mike has significant capital markets experience and together with co-chair and co-CEO Steve McDonald, will continue to position Scotia Capital as a leading corporate and investment bank and an integral part of the future growth and success of the Scotiabank Group.”

As co-chairman and co-CEO of Scotia Capital, Durland takes over the global capital markets responsibilities of John Schumacher, who has chosen to leave Scotiabank after more than a decade of service.

A Ph.D. in Finance, Durland joined Scotia Capital in 1993, and has held various management positions including managing director of derivative products. Prior to this announcement he held the position of deputy head, global capital markets & head, capital markets group.

With this move, Durland will work alongside co-head Stephen McDonald, co-chair and Co-CEO Scotia Capital and head, global corporate and investment banking. Durland and McDonald will report directly to Rick Waugh.

Also effective immediately, John Madden, currently vice chairman, capital markets group and Barry Wainstein, vice chairman, global head of foreign exchange & precious metals become vice chairmen and deputy heads of global capital markets.

Waugh also commented on John Schumacher’s decision to leave the Bank. “I would like to thank John for his contribution during his more than 10 years with Scotiabank and his leadership of the global capital markets team. I wish him well in the future,” commented Waugh, on Schumacher’s decision to leave Scotiabank.