Scotiabank Receives Approval to Repurchase Up to 15 Million of its Common Shares

Executive Summary

• Scotiabank received TSX and OSFI approval to launch a new normal‑course issuer bid (“New Bid”) to repurchase up to 15 million common shares, representing roughly 1.2 % of its outstanding equity.
• The New Bid will replace the existing bid (which purchased 20 million shares for $1.809 billion at an average price of $90.47) and will run from April 7 2026 to April 6 2027, with daily purchase limits based on average trading volume.
• Proceeds from the repurchase are intended to provide flexibility in capital management, offset dilution from option exercises, and generate shareholder value.

Key Details

• Approval: Toronto Stock Exchange (TSX) and Office of the Superintendent of Financial Institutions (OSFI) approved the New Bid on April 2 2026.
• Size: Up to 15 million common shares (~1.2 % of 1,231,433,660 shares outstanding as of March 24 2026).
• Termination of Existing Bid: Existing bid (May 30 2025 – May 29 2026) will be terminated on April 6 2026.
• Existing Bid Results: Purchased all 20 million shares at an average price of $90.47, total cost $1.809 billion.
• Purchase Period: New Bid purchases may commence April 7 2026 and terminate April 6 2027 (or earlier if completed).
• Pricing: Shares will be bought at prevailing market prices; purchases may also occur via private agreements or exemption orders, typically at a discount to market price.
• Daily Purchase Limit: Based on average daily volume of 4,456,008 shares over the prior six months, daily limit set at 1,114,002 shares (excluding block purchase exceptions).
• Cancellation: Shares purchased under the New Bid will be cancelled.
• Automatic Repurchase Plan: Effective April 7 2026, broker Scotia Capital Inc. may execute periodic purchases within defined criteria; timing and price depend on market conditions.

Notable Quotes

(No direct quotes were provided in the release.)