TORONTO, Dec. 13,
2024 /CNW/ - Scotiabank announced today that it
has received regulatory approval from the Board of Governors of the
Federal Reserve System for its approximately 10% additional
investment (the "Additional Investment") in KeyCorp. Scotiabank and
KeyCorp expect to close the Additional Investment in
2024.
Scotiabank previously announced on August 12, 2024 that it had entered into an
agreement to acquire an approximate 14.9% pro-forma ownership stake
in KeyCorp in two stages - an initial investment of 4.9% (the
"Initial Investment") and the Additional Investment of
approximately 10%. The Initial Investment was completed on
August 30, 2024.
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.
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.
SOURCE Scotiabank