Bank of Nova Scotia: up to 40M-share buyback approved
As of August 31, 2026, Scotiabank had purchased 13,044,315 common shares since commencement of its current normal course issuer bid.
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Rhea-AI Filing Summary
The Bank of Nova Scotia (BNS) announced that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions approved an amendment to its normal course issuer bid, increasing the maximum Common Shares it may purchase for cancellation from 15 million to 40 million, effective October 6, 2026. The amended maximum represents approximately 3.25 per cent of 1,231,433,660 Common Shares issued and outstanding as of March 24, 2026.
The bid continues until the earliest of the Bank purchasing the maximum under the amended bid, giving notice of termination, or April 6, 2027. Purchases may be made on open markets, including the TSX and NYSE, or through other permitted means such as private agreements. Market purchases will be at market price; purchases under exemption orders will generally be at a discount. Daily purchases are limited to 1,114,002 Common Shares, except for block purchase exceptions. The Bank's automatic repurchase plan with Scotia Capital Inc. will be amended to reflect the higher maximum.
Filing Explained
As of August 31, Scotiabank had purchased 13,044,315 shares under the bid, and shares purchased under it are cancelled—showing completed repurchases, not only expanded authority.
Key Figures
Key Terms
normal course issuer bid financial
issuer bid exemption orders regulatory
automatic repurchase plan financial
block purchase exceptions financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the daily purchase limit under BNS's normal course issuer bid?
How will Scotiabank make purchases under the amended bid?
How will BNS's automatic repurchase plan change?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
| For the month of: October, 2026 | Commission File Number: 002-09048 |
THE BANK OF NOVA SCOTIA
(Name of registrant)
40 Temperance Street, Toronto, Ontario, M5H 0B4
Attention: Secretary's Department (Tel.: (416) 866-3672)
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F X
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THE BANK OF NOVA SCOTIA | ||
| Date: October 2, 2026 | By: | /s/ Meigan Terry |
| Name: Meigan Terry | ||
| Title: Executive Vice President & Chief Global Corporate and Public Affairs Officer |
EXHIBIT INDEX
| Exhibit | Description of Exhibit |
| 99.1 | News Release dated October 2, 2026 |
Exhibit 99.1
Scotiabank Amends Normal Course Issuer Bid to Repurchase Up to 40 Million of its Common Shares
TORONTO, Oct. 2, 2026 /CNW/ -- The Bank of Nova Scotia ("Scotiabank" or the "Bank") (TSX: BNS) (NYSE: BNS) announced today that the Toronto Stock Exchange ("TSX") and the Office of the Superintendent of Financial Institutions ("OSFI") have approved its amended normal course issuer bid. The purpose of the amendment is to increase the number of Common Shares that Scotiabank may purchase for cancellation from 15 million to 40 million. This amended amount represents approximately 3.25 per cent of the 1,231,433,660 Common Shares issued and outstanding as of March 24, 2026. The effective date of the amendment is October 6, 2026.
As of August 31, 2026, the Bank has purchased 13,044,315 common shares since the commencement of its current normal course issuer bid. No other terms of the normal course issuer bid have been amended.
The normal course issuer bid will continue until the earlier of: (i) Scotiabank purchasing the maximum number of Common Shares under the amended normal course issuer bid, (ii) Scotiabank providing a notice of termination of the normal course issuer bid, or (iii) April 6, 2027.
Under the normal course issuer bid, purchases can be made on the open market by Scotiabank through the facilities of the TSX, the New York Stock Exchange and other designated exchanges or alternative Canadian trading systems. The price that Scotiabank will pay for any such Common Shares pursuant to the New Bid will be the market price of such Common Shares at the time of acquisition. Purchases may also be made through other means permitted by the TSX and applicable securities laws, including by private agreements or under specific share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.
Based on the average daily trading volume of 4,456,008 Common Shares during the six calendar months prior to the commencement of the normal course issuer bid on the TSX, daily purchases will be limited to 1,114,002 Common Shares, other than block purchase exceptions. Common Shares purchased by the Bank under the Bid will be cancelled.
Scotiabank previously established an automatic repurchase plan on April 7, 2026, under which its broker, Scotia Capital Inc., may periodically purchase its Common Shares pursuant to the normal course issuer bid within a defined set of criteria and such plan will be amended to reflect the increase in the maximum number of Common Shares that may be repurchased. The actual number of Common Shares purchased under the automatic repurchase plan, the timing of purchases and the price at which the Common Shares are bought will depend upon future market conditions.
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 $1.5 trillion (as at July 31, 2026), 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 2025 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 (including policies and other changes related to, or affecting, economic or trade matters, including tariffs, countermeasures, tariff mitigation policies and tax-related risks); 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 open banking and 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 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-related risk, 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 local, national or global economies, 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 2025 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 2025 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2026 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
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%CIK: 0000009631
For further information: For further information, please contact: Investor Relations, investor.relations@scotiabank.com; For media inquiries only: Lana Gogas, Global Communications, lana.gogas@scotiabank.com
CO: Scotiabank
CNW 06:00e 02-OCT-26