Bank of Nova Scotia today announced it 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 vp and group head, global transaction banking, 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 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.

“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 vp, 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% in 2004, 7.6 in 2005 and 6.3% in 2006. A member of the Group of 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 with a total investment of more than $1.25 billion.