RNS No 4264t
BANK OF NOVA SCOTIA
8th December 1997
 
SCOTIAMOCATTA ESTABLISHES GOLD TRADING DESK IN INDIA
 
London, England, December 8 - ScotiaMocatta announced today the
establishment of a gold trading desk which will conduct business out of The
Bank of Nova Scotia Mumbai, India branch.
 
This new gold desk has been opened in order to activate the gold import
license that was recently awarded to The Bank of Nova Scotia India by the
Reserve Bank of India. The desk will sell gold to domestic Indian jewelers from
its inventories held in Mumbai and supply gold to other banks with importing
licenses. In the future the gold desk plans to offer a full range of products
to the Indian precious metals sector, such as gold loans, options and
certificates. This will be the first initiative of ScotiaMocatta following the
acquisition of Mocatta Bullion and Base Metals by The Bank of Nova Scotia from
Standard Chartered Bank.
 
The Mumbai gold desk will be managed by Sunil Kashyap, Director, India and
Middle East and Ian McCannah, Managing Director, London.
 
CONTACT: Ian McCannah, ScotiaMocatta, tel London 0171-826-5693; Sunil
Kashyap, ScotiaMocatta, Mumbai India, tel 00 9122 283 2822 - 287 5437
 
 
END


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