Bank of Nova Scotia today announced the creation of Global Transaction Banking, a new business unit aligned to offer major multinational import and export companies a comprehensive, integrated business solution.

Services offered by new unit include: cash management; payments; trade finance; correspondent banking; and foreign exchange services.

“The Global Transaction Banking unit will continue to leverage Scotiabank’s international presence and capabilities, enabling us to better serve our large corporate and commercial customers,” said Rick Waugh, president and CEO, Scotiabank, in a release. “As part of our growth strategy, this new offering will generate opportunities with existing and prospective clients on a global basis.”

Effective Nov. 1, 2005, the Global Transaction Banking unit will provide services to multinational importers and exporters in the NAFTA region with operations to follow in additional regions.

“Clients operating in multiple countries require banking services that provide global solutions with consistent products and services in the countries where they operate,” said Albert Wahbe, executive vp and group head, Global Transaction Banking. “As Canada’s most international bank, we understand the challenges and opportunities of conducting business in different countries”