Bank of Nova Scotia today announced the opening of a representative office in Moscow, Russia to support the bank’s international expansion plans.

Scotiabank says it has received the required license from Russian regulators and expects to be able to serve clients early in 2008.

“With the opening of the representative office in Russia, Scotiabank will be the only Canadian bank, and one of a select few globally, to have on-the-ground presence in each of the BRIC (Brazil, Russia, India, China) countries,” says Alberta Cefis, executive vp & group head, global transaction banking.

“Strong Canadian companies such as Magna and Kinross Gold are expanding their presence in the Russian market and our office in Moscow will enable us to provide direct, relevant support to them and to any others who are currently contemplating this market,” Cefis adds.

With a representative office in Russia, the bank says it will expand its trade services and correspondent banking businesses across the region. Russia, Eastern Europe and the Commonwealth of Independent States (CIS), including Kazakhstan and the Ukraine, are currently served through Scotiabank offices in Toronto managing trade finance opportunities, and ScotiaMocatta in London, England, offering precious metals services.

“Russia is an attractive market for the Bank, due to the region’s large population and its economic prosperity. A Scotiabank representative office in Moscow will provide the bank with a strategic window on the marketplace in Russia and the Commonwealth of Independent States.” say Rob Pitfield, executive vp, international banking.

The office will also serve as a springboard for other Scotiabank business lines, such as precious metals trader ScotiaMocatta and oil and gas M&A firm Scotia Waterous.

The world’s 10h-largest economy, Russia’s growing domestic demand and abundant natural resources make the country a prime destination for Canadian foreign direct investment, as well as the export of Canadian goods and services.

Export Development Canada (EDC) cite that Canadian companies continue to grow their export sales in Russia, with shipments rising by over 50 per cent to reach $876 million in 2006 and tracking to post strong export gains again in 2007. Key exports include industrial and mining machinery, aerospace components and automotive and meat products. The EDC also report that more than 600 Canadian companies are doing business in Russia.