Bank Of Nova Scotia 6-K, filed Dec 27, 2024
Bank Of Nova Scotia (BNS)
About this 6-K
Bank Of Nova Scotia filed this 6-K on December 27, 2024.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
| For the month of: December, 2024 | Commission File Number: 002-09048 |
THE BANK OF NOVA SCOTIA
(Name of registrant)
40 Temperance Street, Toronto, Ontario, M5H 0B4
Attention: Secretary's Department (Tel.: (416) 866-3672)
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F X
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THE BANK OF NOVA SCOTIA | ||
| Date: December 27, 2024 | By: | /s/ Meigan Terry |
| Name: Meigan Terry | ||
| Title: SVP, Global Communications |
EXHIBIT INDEX
| Exhibit | Description of Exhibit |
| 99.1 | News Release dated December 27, 2024 |
Exhibit 99.1
Scotiabank Completes Additional Investment in KeyCorp
TORONTO, Dec. 27, 2024 /CNW/ - Scotiabank announced today that following regulatory approval from the Board of Governors of the Federal Reserve System, it has completed its acquisition of an additional approximately 10% pro-forma ownership stake in KeyCorp through newly issued common shares at US$17.17 per share, for a cash consideration of approximately US$2.0 billion.
Scotiabank announced on August 12, 2024, that it had entered into an agreement to acquire an approximately 14.9% pro-forma ownership stake in KeyCorp for total consideration of approximately US$2.8 billion. Scotiabank previously closed the initial investment of approximately 4.9% on August 30, 2024, and has now completed both stages of the investment.
"Our investment in KeyCorp represents a cost-effective, low-risk approach to deploying capital into the U.S. while boosting returns for our shareholders," said Scott Thomson, President and Chief Executive Officer of Scotiabank. "We are pleased to have closed this transaction, which is consistent with our commitment to allocate capital from developing markets to developed markets in North America."
The impact to Common Equity Tier 1 ratio from both stages of the transaction is expected to be approximately -55 basis points. Scotiabank's approximately 14.9% ownership interest will be classified as an Investment in Associate for accounting purposes.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our
purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range
of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment
banking, and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2024), Scotiabank is one of
the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/27/c1567.html
%CIK: 0000009631
For further information: For investor inquiries only: John McCartney, Investor Relations, Scotiabank, john.mccartney@scotiabank.com; For media inquiries only: Carina Ruas, Global Communications, Scotiabank, carina.ruas@scotiabank.com
CO: Scotiabank
CNW 10:20e 27-DEC-24