Bank of Nova Scotia celebrated the opening of its representative office in Istanbul, Turkey, on Wednesday, making it the first Canadian bank with an on-the-ground presence in the country.

“Scotiabank has been operating in Turkey since June and we are delighted to officially celebrate the opening of our representative office in this young, vibrant and entrepreneurial market,” said Alberta Cefis, executive vp & head, global transaction banking, in a release.

“Turkey has established itself as a major economic and financial player in the region and we see many long-term growth opportunities for Scotiabank here,” Cefis added.

With a representative office in Istanbul, the bank will expand its established trade finance and correspondent banking businesses across the region. The office will also assist in the introduction of other Scotiabank business lines, including 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.

“Having a representative office in Turkey opens a strategic path to Europe, the Middle East, Africa and Central Asia,” said Rob Pitfield, group head, international banking.

Scotiabank has more than 120 employees in seven countries in Europe and the Middle East, largely through Scotia Capital. The Bank also has approximately 700 employees throughout Asia Pacific.

Elsewhere in the region, ScotiaMocatta operates under an agreement with the National Bank of Dubai to provide bullion services. In Egypt, Scotiabank offers a broad range of trade finance, commercial and retail banking services.

IE