Scotiabank starts representative office in Istanbul
4th December 2008
Canada-based Scotiabank has announced the opening of its new representative office in Istanbul, Turkey.
According to Scotiabank, with a representative office in Istanbul, the bank will expand its 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 company engaged in precious metals trading and finance. Scotia Waterous is an oil and gas mergers and acquisitions firm. Both of these units are a part of Scotia Capital, the bank's global wholesale banking division.
Alberta Cefis, executive vice president and head of global transaction banking at Scotiabank, said: "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."