World News - Canadian-based Scotiabank announced that it has been granted a license to begin conducting business in Turkey, a gateway to Europe, Asia, the Middle East and Africa.
With a representative office in Istanbul, the Bank will expand its established trade finance and correspondent banking businesses across the region. "We are excited to receive this license and to begin conducting business in Turkey a country with a young, dynamic and entrepreneurial population," said Alberta G. Cefis, Executive Vice-President and Group Head, Global Transaction Banking (GTB), 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" she said.
Scotiabank is Canada's most international bank, having branches in more countries than the other major Canadian banks. Scotiabank ranks number 92 on the Forbes Global 2000 list (2008 edition).