Scotiabank Finalizes License for Representative Office in Turkey



    ISTANBUL, TURKEY and TORONTO, June 18 /CNW/ - Scotiabank today announced
that it has been granted a license to begin conducting business in Turkey, a
gateway to Europe, Asia, the Middle East and Africa.
    With a representative office in Istanbul, the Bank will expand its
established trade finance and correspondent banking businesses across the
region. A representative office in Turkey will also facilitate the penetration
of other Scotiabank business lines, such as 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.
    "We are excited to receive this license and to begin conducting business
in Turkey a country with a young, dynamic and entrepreneurial population,"
said Alberta G. Cefis, Executive Vice-President and Group Head, Global
Transaction Banking (GTB), Scotiabank. "Turkey has established itself as a
major player in the region and we see many long-term growth opportunities for
Scotiabank here. A representative office in Turkey will enable the Bank to
enhance revenue while also strengthening and building on our relationships in
the region."
    Turkey, Central and Eastern Europe, the Balkans, Israel and the
Commonwealth of Independent States (CIS) - including Kazakhstan and the
Ukraine will now be served by Scotiabank Istanbul Representative Office
managing trade finance opportunities, and ScotiaMocatta, in London, England,
offering precious metals services.

    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.





For further information:

For further information: Frank Switzer, Scotiabank Public Affairs, (416)
866-7238, frank_switzer@scotiacapital.com


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