Scotiabank Continues Global Expansion, Opens Representative Office in Turkey

    ISTANBUL and TORONTO, March 28 /CNW/ - Scotiabank today announced that
the Bank is expanding its global banking network through the launch of a
representative office in Turkey, a gateway to Europe, Asia, the Middle East
and Africa.
    "Some of the best long-term growth opportunities for Scotiabank lie
outside of Canada and we see huge potential for Turkey, with its young,
dynamic and entrepreneurial population," said Alberta Cefis, Executive
Vice-President and Group Head, Global Transaction Banking (GTB), Scotiabank.
"There is a natural progression of trade finance business in emerging markets
like Turkey and these trends require an on-the-ground presence to maintain
market relationships in the face of increased competition."
    With a representative office in Istanbul, the Bank will expand its
established trade finance, syndicated loans and correspondent banking
businesses across the region. A representative office in Turkey will also
facilitate the penetration of other Scotiabank business lines, such as Scotia
Mocatta 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.
    "A Scotiabank representative office in Turkey will enable the Bank to
enhance revenue, while also broadening our base of relationships in the
region," said Rob Pitfield, Executive Vice-President, International Banking,
Scotiabank. The Bank first established a Middle East and Africa sales and
service team in 1996. "We are confident Turkey has established itself as a
major player in the region."
    Turkey, Eastern Europe and the Commonwealth of Independent States (CIS) -
including Russia, Kazakhstan and the Ukraine - are currently served by
Scotiabank offices in Toronto managing trade finance opportunities, and Scotia
Mocatta, in London, England, offering precious metals services.
    With a population of more than 70 million people, Turkey is among the
fastest-growing economies in the world, with GDP growth rates reaching 9.9 per
cent in 2004, 7.6 in 2005 and 6.3 per cent in 2006. A member of the Group of
20 (G-20), an informal forum of industrialized and developing economies,
Turkey's 2006 GDP was $627.2 billion and ranked 17th in the world.
    Scotiabank has made seven international acquisitions in 18 months -
including transactions in the Caribbean, as well as Central and Latin America
- with a total investment of more than Cdn$1.25 billion. As Scotiabank
celebrates its 175th anniversary year, the international banking business'
contribution to annual total net income has increased to Cdn$1.1 billion, or
30 per cent, compared to $483 million, or 23 per cent in 2001.
    Last week, Scotiabank signed a Strategic Co-Operation Memorandum (SCM)
with Bank of Dalian Co. Ltd. (BOD), formerly Dalian City Commercial Bank,
outlining intentions to explore a strategic partnership and minority
investment in China's seventh-largest city commercial bank.

    Scotiabank operates in 11 countries in the Asia-Pacific and Middle East
region, with about 700 employees and 26 branches and offices. The bank
primarily offers corporate and commercial products and services, including
loans, trade finance, treasury, precious metals, foreign exchange and project
and transportation financing, correspondent banking, loan syndications,
securities investment and retail mortgage financing in selected countries.
    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With over 57,000 employees, Scotiabank Group
and its affiliates serve approximately 12 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 $396 billion in assets (as at January 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:

For further information: Joe Konecny, Scotiabank, at (416) 933-1795, or

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