Bank of Nova Scotia today announced that it has been granted a license to begin conducting business in Turkey.

With a representative office in Istanbul, Scotiabank will expand its established trade finance and correspondent banking businesses across Eastern Europe, Western Asia, the Middle East and Africa.

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,” says Alberta Cefis, executive vp and group head, global transaction banking, 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.