/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/
TORONTO, Dec. 2, 2021 /CNW/ - Scotiabank (TSX: BNS) (NYSE:
BNS) today announced its intention to redeem all outstanding
Non-cumulative 5-Year Rate Reset Preferred Shares Series 38
(Non-Viability Contingent Capital (NVCC)) ("Series 38 Shares") of
Scotiabank on January 27, 2022 at a
price equal to $25.00 per share
together with declared and unpaid dividends to the Redemption Date
(the "Redemption Price"). Formal notice will be issued to the
shareholders in accordance with the share conditions.
The redemption has been approved by the Office of the
Superintendent of Financial Institutions and will be financed out
of the general funds of Scotiabank. This redemption is part of the
Bank's ongoing management of its Tier 1 capital.
On November 30, 2021, the Board of
Directors of Scotiabank declared quarterly dividends of
$0.3031250 per Series 38 Share. This
will be the final dividend on the Series 38 Shares and will be paid
on January 27, 2022, to shareholders
of record at the close of business on January 4, 2022, as previously announced.
Subsequent to this final dividend payment, the Series 38 Shares
will cease to be entitled to dividends.
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
approximately 90,000 employees and assets of
approximately $1.2 trillion (as at October 31,
2021), 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