TORONTO, Oct. 31,
2023 /CNW/ - Scotiabank announces today that it has
signed and closed the sale of its 20% equity interest in Canadian
Tire Financial Services (CTFS) to Canadian Tire Corporation.
Scotiabank will continue to provide a committed credit facility of
$1.1 billion to CTFS for the next 18
months.
As a result of the sale, Scotiabank will be recording an
after-tax gain of approximately $319
million in its fourth quarter 2023 earnings. The transaction
will benefit the Bank's CET1 ratio by approximately 16bps.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "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 over
90,000 employees and assets of approximately $1.4
trillion (as at July 31, 2023), 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 X
@Scotiabank.
SOURCE Scotiabank