TORONTO, May 1, 2025
/PRNewswire/ - Scotiabank (TSX: BNS) (NYSE: BNS) today announced
its intention to redeem all outstanding US $1,250 million 4.900% Fixed Rate Resetting
Perpetual Subordinated Additional Tier 1 Capital Notes
(Non-Viability Contingent Capital (NVCC)) (the "Notes") at 100% of
their principal amount plus accrued and unpaid interest to, but
excluding, the date fixed for redemption. The redemption of the
Notes will occur on June 4,
2025. Formal notice will be delivered to the noteholders in
accordance with the terms and conditions set forth in the related
trust indenture.
The redemption of the Notes has been approved by the Office of
the Superintendent of Financial Institutions and will be financed
out of the general funds of Scotiabank. The redemption is part of
the Bank's ongoing management of its Tier 1 capital.
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 January 31,
2025), 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.
Forward-looking Statements
From time to time,
our public communications include oral or written forward-looking
statements. Statements of this type are included in this document,
and may be included in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission (SEC), or
in other communications. In addition, representatives of the Bank
may include forward-looking statements orally to analysts,
investors, the media and others. All such statements are made
pursuant to the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation. Forward-looking statements may
include, but are not limited to, statements made in this document,
the Management's Discussion and Analysis in the Bank's 2024 Annual
Report under the headings "Outlook" and in other statements
regarding the Bank's objectives, strategies to achieve those
objectives, the regulatory environment in which the Bank operates,
anticipated financial results, and the outlook for the Bank's
businesses and for the Canadian, U.S. and global economies. Such
statements are typically identified by words or phrases such as
"believe," "expect," "aim," "achieve," "foresee," "forecast,"
"anticipate," "intend," "estimate," "outlook," "seek," "schedule,"
"plan," "goal," "strive," "target," "project," "commit,"
"objective," and similar expressions of future or conditional
verbs, such as "will," "may," "should," "would," "might," "can" and
"could" and positive and negative variations thereof.
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our financial performance objectives, vision and
strategic goals will not be achieved.
We caution readers not to place undue reliance on these
statements as a number of risk factors, many of which are beyond
our control and effects of which can be difficult to predict, could
cause our actual results to differ materially from the
expectations, targets, estimates or intentions expressed in such
forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including but not limited to:
general economic and market conditions in the countries in which we
operate and globally; changes in currency and interest rates;
increased funding costs and market volatility due to market
illiquidity and competition for funding; the failure of third
parties to comply with their obligations to the Bank and its
affiliates, including relating to the care and control of
information, and other risks arising from the Bank's use of third
parties; changes in monetary, fiscal, or economic policy and tax
legislation and interpretation; changes in laws and regulations or
in supervisory expectations or requirements, including capital,
interest rate and liquidity requirements and guidance, and the
effect of such changes on funding costs; geopolitical risk; changes
to our credit ratings; the possible effects on our business and the
global economy of war, conflicts or terrorist actions and
unforeseen consequences arising from such actions; technological
changes, including the use of data and artificial intelligence in
our business, and technology resiliency; operational and
infrastructure risks; reputational risks; the accuracy and
completeness of information the Bank receives on customers and
counterparties; the timely development and introduction of new
products and services, and the extent to which products or services
previously sold by the Bank require the Bank to incur liabilities
or absorb losses not contemplated at their origination; our ability
to execute our strategic plans, including the successful completion
of acquisitions and dispositions, including obtaining regulatory
approvals; critical accounting estimates and the effect of changes
to accounting standards, rules and interpretations on these
estimates; global capital markets activity; the Bank's ability to
attract, develop and retain key executives; the evolution of
various types of fraud or other criminal behaviour to
which the Bank is exposed; anti-money laundering; disruptions or
attacks (including cyberattacks) on the Bank's information
technology, internet connectivity, network accessibility, or other
voice or data communications systems or services, which may result
in data breaches, unauthorized access to sensitive information,
denial of service and potential incidents of identity theft;
increased competition in the geographic and in business areas in
which we operate, including through internet and mobile banking and
non-traditional competitors; exposure related to significant
litigation and regulatory matters; environmental, social and
governance risks, including climate change, our ability to
implement various sustainability-related initiatives (both
internally and with our clients and other stakeholders) under
expected time frames, and our ability to scale our
sustainable-finance products and services; the occurrence of
natural and unnatural catastrophic events and claims resulting from
such events, including disruptions to public infrastructure, such
as transportation, communications, power or water supply;
inflationary pressures; global supply-chain disruptions; Canadian
housing and household indebtedness; the emergence or continuation
of widespread health emergencies or pandemics, including their
impact on the global economy, financial market conditions and the
Bank's business, results of operations, financial condition and
prospects; and the Bank's anticipation of and success in managing
the risks implied by the foregoing. A substantial amount of the
Bank's business involves making loans or otherwise committing
resources to specific companies, industries or countries.
Unforeseen events affecting such borrowers, industries or countries
could have a material adverse effect on the Bank's financial
results, businesses, financial condition or liquidity. These and
other factors may cause the Bank's actual performance to differ
materially from that contemplated by forward-looking statements.
The Bank cautions that the preceding list is not exhaustive of all
possible risk factors and other factors could also adversely affect
the Bank's results, for more information, please see the "Risk
Management" section of the Bank's 2024 Annual Report, as may be
updated by quarterly reports.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2024
Annual Report under the headings "Outlook", as updated by quarterly
reports. The "Outlook" and "2025 Priorities" sections are based on
the Bank's views and the actual outcome is uncertain. Readers
should consider the above-noted factors when reviewing these
sections. When relying on forward-looking statements to make
decisions with respect to the Bank and its securities, investors
and others should carefully consider the preceding factors, other
uncertainties and potential events.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities, and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. Except as required by law, the Bank
does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by or
on its behalf.
Additional information relating to the Bank, including the
Bank's Annual Information Form, can be located on the SEDAR+
website at www.sedarplus.ca and on the EDGAR section of the SEC's
website at www.sec.gov.
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SOURCE Scotiabank