MOSCOW and TORONTO, May 29 /CNW/ - Scotiabank today celebrated the
opening of a representative office in Moscow to support the Bank's
international expansion plans.
    "We are excited to continue to build our presence in Europe and enhance
our ability to serve clients in Canada and around the world," said Alberta G.
Cefis, Executive Vice-President & Group Head, Global Transaction Banking
(GTB), Scotiabank. "Our presence in Russia makes Scotiabank the only Canadian
bank, and one of a select few globally to have an on-the-ground presence in
each of the "BRIC" (Brazil, Russia, India, China) countries."
    With a representative office in Russia, the Bank will expand its trade
services and correspondent banking businesses across the region. Russia,
Eastern Europe and the Commonwealth of Independent States (CIS), including
Kazakhstan and the Ukraine, are currently served through Scotiabank offices in
Toronto managing trade finance opportunities, and ScotiaMocatta in London,
England, offering precious metals services.
    "This representative office in Russia will help Scotiabank establish
roots in the country and get a better understanding of the markets and the
needs of businesses," said Rob Pitfield, Executive Vice-President,
International Banking, Scotiabank. "The ability to conduct business in Russia,
a country with a large population and economic prosperity will open doors both
in the country and across Europe."
    The office will also serve as a springboard for other Scotiabank business
lines, such as ScotiaMocatta and Scotia Waterous. ScotiaMocatta, a global
leader in precious metal trading and finance, and Scotia Waterous, a leading
global oil and gas mergers and acquisitions firm, are part of Scotia Capital -
the global corporate and investment banking division of Scotiabank.
    Scotiabank has announced 17 international acquisitions in the last four
years. The International Banking business' contribution to annual total net
income has increased to over C$1.2 billion, or 31 per cent in 2007. More than
34,000 employees in International Banking provide financial services to
approximately five million customers across the Caribbean and Central America,
Mexico, Latin America and Asia.
    Scotiabank also has more than 120 employees in seven countries in Europe
and the Middle East, largely through Scotia Capital, the Bank's corporate and
investment banking arm.
    In the United Kingdom, Scotiabank Private Banking UK offers a full range
of private banking services. Scotia Capital in London provides lending
services to major European, UK and North American corporate clients and
subsidiaries, as well as fixed income sales and trading, oil and gas industry
mergers and acquisitions and advisory services plus other products and
services such as equity sales, foreign exchange, derivatives, precious metals
and risk management services.
    Elsewhere in the region, ScotiaMocatta operates under an agreement with
the National Bank of Dubai to provide bullion services. In Egypt, Scotiabank
offers a broad range of trade finance, commercial and retail banking services.
Scotiabank Ireland provides corporate lending activities to top European and
domestic companies. Scotia Capital's Credit and Equity Derivatives team based
in Dublin's International Financial Services Centre, also structures
transactions for financial and credit institutions.
    Scotiabank's Global Transaction Banking (GTB) business provides financial
solutions to commercial and corporate clients domestically and around the
world by drawing on more than 175 years of banking experience to meet the
needs of clients. Scotiabank, which was named "Best Trade Finance Bank in
Canada" by Global Finance magazine for 2008 and 2006, through its Global
Transaction Banking (GTB) unit, currently offers a wide variety of
supply-chain financing services, including electronic banking and payments,
trade finance, commercial and business cards, foreign exchange and
correspondent banking. In partnership with Scotiabank's International Banking
Division and its wholesale banking division, Scotia Capital, GTB has an
extensive network in some 50 countries as well as unmatched NAFTA presence and
unique footprint in the Americas.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.