ISTANBUL, Dec. 3 /CNW/ - Scotiabank today celebrated the opening of its
representative office in Istanbul, Turkey, making it the first Canadian bank
with an on-the-ground presence in the country.
    "Scotiabank has been operating in Turkey since June and we are delighted
to officially celebrate the opening of our representative office in this
young, vibrant and entrepreneurial market," said Alberta G. Cefis, Executive
Vice-President & Head, Global Transaction Banking (GTB), Scotiabank. "Turkey
has established itself as a major economic and financial player in the region
and we see many long-term growth opportunities for Scotiabank here. This
office will enable us to build solid relationships and facilitate new
business, leveraging both the attractiveness of Turkey as an international
market and Scotiabank's global footprint."
    With a representative office in Istanbul, the Bank will expand its
established trade finance and correspondent banking businesses across the
region. This office will also assist in the introduction of other Scotiabank
business lines, including ScotiaMocatta and Scotia Waterous. ScotiaMocatta is
a global leader in precious metals trading and finance. Scotia Waterous is a
leading global oil and gas mergers and acquisitions firm. Both of these units
are a part of Scotia Capital, the Bank's global wholesale banking division.
    "It is thrilling to be the first Canadian bank to put down roots in
Turkey," said Rob Pitfield, Group Head, International Banking, Scotiabank.
"Scotiabank has a large international presence with operations in more than 50
countries around the world. Having a representative office in Turkey opens a
strategic path to Europe, the Middle East, Africa and Central Asia."
    Scotiabank has announced 17 international acquisitions in the last four
years. The International Banking business' contribution to annual total net
income is C$1.2 billion, in 2008. More than 34,000 employees in International
Banking provide financial services to approximately five million customers
across the Caribbean and Central America, Mexico, South America and Asia.
    Scotiabank has more than 120 employees in seven countries in Europe and
the Middle East, largely through Scotia Capital. The Bank also has
approximately 700 employees throughout Asia Pacific.
    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 $508 billion in assets (as at October 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.