Scotiabank opens Moscow representative office

Scotiabank opened a representative office in Moscow last week to bolster its international expansion plans.

The new base will allow Scotiabank to expand its trade services and correspondent banking businesses across Russia, Eastern Europe and CIS. These regions are currently served through trade finance offices in Toronto and ScotiaMocatta in London, which offers precious metals services.

"We are excited to continue to build our presence in Europe and enhance our ability to serve clients in Canada and around the world. Our presence in Russia makes Scotiabank the only Canadian bank, and one of a select few globally, to have an on-the-ground presence in each of the 'BRIC' (Brazil, Russia, India, China) countries," comments Alberta Cefis, executive vice-president and group head, global transaction banking (GTB), Scotiabank.

Scotiabank's Global Transaction Banking (GTB) offers a wide variety of supply-chain financing services, including electronic banking and payments, trade finance and foreign exchange and correspondent banking. It has an extensive network in some 50 countries.