Bank Of Nova Scotia 6-K, filed Jan 7, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of January 2020

Commission File Number 002-09048

THE BANK OF NOVA SCOTIA

(Registrant’s name)

44 KingStreet West, Scotia Plaza 8th floor, Toronto, Ontario, M5H 1H1

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  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This report on Form 6-K shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form S-8 (File No. 333-199099) and Form F-3 (File No. 333-228614) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

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.

EXHIBIT

EX-99.1

Exhibit 99.1

Scotiabank announces certain items impacting first quarter reported results including the gain on

the sale of its operations in Thailand

TORONTO– January 6, 2020/CNW/- Scotiabank provided today an update on certain items that will cumulatively benefit its first quarter reported results by approximately $175 million after-tax.

As previously announced, the Bank sold its 49% interest in Thanachart Bank Public Company Limited in Thailand in exchange for cash and an approximately 6% ownership interest in the form of common shares in TMB Bank Public Company Limited, Thailand. The Bank realized a net gain of approximately $410 million after-tax on the sale that will be recorded in the income statement in Q1 2020.

The Bank determines its allowance for credit losses (ACL) using three probability-weighted forward-looking scenarios. The “base case” represents the most likely outcome and the other two scenarios represent more optimistic and more pessimistic outcomes, to which relative probabilities are assigned. Consistent with developing practice among major international banks in applying IFRS 9, and the Bank’s prudent approach to expected credit loss provisioning, the Bank has added an additional, more severe pessimistic scenario, effective this quarter. The Bank currently estimates that the addition of this fourth scenario will increase the ACL of $5.1 billion by approximately $150 million or approximately $110 million after-tax.

Together with the implementation of a new derivatives valuation platform, the Bank has enhanced its fair value methodology primarily relating to uncollateralized OTC derivatives. This enhancement will result in an after-tax charge of approximately $90 million (approximately $120 million pre-tax) that will be recorded in the income statement in Q1 2020.

The Bank has identified one software asset that depends on embedded third-party software which will be discontinued, and vendor support will subsequently cease to be available at the end of 2020. This asset must be replaced, and the Bank has already developed plans in this regard. The Bank will record an after-tax impairment charge of approximately $35 million (approximately $50 million pre-tax), in the income statement in Q1 2020.

AboutScotiabank

Scotiabank is a leading bank in the Americas. We are here for every future. We help our customers, 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 a team of more than 100,000 employees and assets of over $1 trillion (as at October 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

For media enquiries only:

Clancy Zeifman

Global Communications

clancy.zeifman@scotiabank.com

(416) 933-1864

For investor enquiries only:

Philip Smith

Investor Relations, Scotiabank

philip.smith@scotiabank.com

PH: (416) 863-2866

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