Bank of Montreal (BMO) reports 5.18% stake in Bank of Nova Scotia (BNS)
Bank of Montreal and affiliates have filed an amended beneficial ownership report on Bank of Nova Scotia. As of December 31, 2025, they report beneficial ownership of 64,060,069 Bank of Nova Scotia common shares, representing 5.18% of the outstanding class.
Across multiple subsidiaries, Bank of Montreal and related entities report both sole and shared power to vote and dispose of these shares, with Bank of Montreal itself holding the largest portion. They certify the position was acquired and is held in the ordinary course of business, not to change or influence control of Bank of Nova Scotia.
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FAQ
What stake does Bank of Montreal report in Bank of Nova Scotia (BNS)?
Bank of Montreal and its affiliates report beneficial ownership of 64,060,069 Bank of Nova Scotia common shares, representing 5.18% of the class as of December 31, 2025. This makes them a significant institutional holder but not a controlling shareholder.
Is Bank of Montreal’s Bank of Nova Scotia (BNS) position considered passive?
Yes. Bank of Montreal certifies the Bank of Nova Scotia shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, indicating a passive investment rather than an activist position.
Which entities are included in Bank of Montreal’s group holding Bank of Nova Scotia (BNS) shares?
The filing lists Bank of Montreal, Bank of Montreal Holding Inc., several BMO Nesbitt Burns entities, BMO Asset Management Inc., BMO Private Investment Counsel Inc., U.S. units such as BMO Bank N.A., and Burgundy Asset Management Ltd. among others.
How much voting power does Bank of Montreal report over Bank of Nova Scotia (BNS) shares?
Bank of Montreal reports 62,662,927 shares with sole voting power and 1,282,501 shares with shared voting power. Various subsidiaries also report their own sole and shared voting powers, all contributing to the total 5.18% beneficial stake.
What does beneficial ownership mean in the Bank of Nova Scotia (BNS) filing?
Beneficial ownership reflects shares over which Bank of Montreal and affiliates have voting or dispositive power, even if not directly registered in their names. It includes sole and shared authority to vote or sell the Bank of Nova Scotia common shares disclosed.
Does the Bank of Montreal group claim to be a control group in Bank of Nova Scotia (BNS)?
No. The reporting persons state that the filing should not be construed as an admission they are acting as a group to acquire, hold, or dispose of Bank of Nova Scotia securities, or to influence control, for purposes of Sections 13(d) or 13(g).
|
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
|
UNDER THE SECURITIES EXCHANGE ACT OF 1934
|
(Amendment No. 2)
|
Bank of Nova Scotia (Name of Issuer) |
Common Shares (Title of Class of Securities) |
064149107 (CUSIP Number) |
12/31/2025 (Date of Event Which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |
| Rule 13d-1(b) |
| Rule 13d-1(c) |
| Rule 13d-1(d) |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
Bank of Montreal | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
64,060,069.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
5.18 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
HC |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BANK OF MONTREAL HOLDING INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
42,965,950.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
3.47 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BK |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO NESBITT BURNS INC. WEALTH MANAGEMENT | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
35,779,243.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
2.89 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BD |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO NESBITT BURNS SECURITIES LTD. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
103,492.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BD |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO PRIVATE INVESTMENT COUNSEL INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
2,689,854.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0.21 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO ASSET MANAGEMENT INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
ONTARIO, CANADA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
25,156,069.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
2.03 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO NESBITT BURNS INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
7,186,707.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0.58 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BD |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO FINANCIAL CORP. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,875.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
HC |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO BANK N.A. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
ILLINOIS
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,875.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BK |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BMO FAMILY OFFICE, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,892.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
1001271606 ONTARIO INC | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
IRELAND
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,175,901.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0.09 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
BK |
SCHEDULE 13G
|
| CUSIP No. | 064149107 |
| 1 | Names of Reporting Persons
BURGUNDY ASSET MANAGEMENT LTD. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,175,901.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
| ||||||||
| 11 | Percent of class represented by amount in row (9)
0.09 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA |
SCHEDULE 13G
|
| Item 1. | ||
| (a) | Name of issuer:
Bank of Nova Scotia | |
| (b) | Address of issuer's principal executive offices:
1709 Hollis Street, 6th Floor, Halifax, NOVA SCOTIA, CANADA
B3J 3B7 | |
| Item 2. | ||
| (a) | Name of person filing:
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
BMO NESBITT BURNS SECURITIES LTD.
BMO PRIVATE INVESTMENT COUNSEL INC.
BMO ASSET MANAGEMENT INC.
BMO NESBITT BURNS INC.
BMO FINANCIAL CORP.
BMO BANK N.A.
BMO FAMILY OFFICE, LLC
1001271606 ONTARIO INC
BURGUNDY ASSET MANAGEMENT LTD. | |
| (b) | Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1 | |
| (c) | Citizenship:
Bank of Montreal - CANADA (FEDERAL LEVEL)
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL)
BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL)
BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
BMO FINANCIAL CORP. - DELAWARE
BMO BANK N.A. - ILLINOIS
BMO FAMILY OFFICE, LLC - DELAWARE
1001271606 ONTARIO INC - IRELAND
BURGUNDY ASSET MANAGEMENT LTD. - CANADA (FEDERAL LEVEL) | |
| (d) | Title of class of securities:
Common Shares | |
| (e) | CUSIP No.:
064149107 | |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: | |
| (a) | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); | |
| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); | |
| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); | |
| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); | |
| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); | |
| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); | |
| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); | |
| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: | |
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). | |
| Item 4. | Ownership | |
| (a) | Amount beneficially owned:
64,060,069 | |
| (b) | Percent of class:
5.18 %
| |
| (c) | Number of shares as to which the person has:
| |
| (i) Sole power to vote or to direct the vote:
Bank of Montreal - 62,662,927
BANK OF MONTREAL HOLDING INC. - 41,579,957
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 35,404,859
BMO NESBITT BURNS SECURITIES LTD. - 103,492
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,689,854
BMO ASSET MANAGEMENT INC. - 25,156,069
BMO NESBITT BURNS INC. - 6,175,098
BMO FINANCIAL CORP. - 1,784
BMO BANK N.A. - 1,784
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 1,166,735
BURGUNDY ASSET MANAGEMENT LTD. - 1,166,735 | ||
| (ii) Shared power to vote or to direct the vote:
Bank of Montreal - 1,282,501
BANK OF MONTREAL HOLDING INC. - 1,282,501
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 270,892
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 1,011,609
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
BURGUNDY ASSET MANAGEMENT LTD. - 0 | ||
| (iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 62,777,568
BANK OF MONTREAL HOLDING INC. - 41,683,449
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 35,508,351
BMO NESBITT BURNS SECURITIES LTD. - 103,492
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,689,854
BMO ASSET MANAGEMENT INC. - 25,156,069
BMO NESBITT BURNS INC. - 6,175,098
BMO FINANCIAL CORP. - 1,875
BMO BANK N.A. - 1,875
BMO FAMILY OFFICE, LLC - 1,892
1001271606 ONTARIO INC - 1,175,901
BURGUNDY ASSET MANAGEMENT LTD. - 1,175,901 | ||
| (iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 1,282,501
BANK OF MONTREAL HOLDING INC. - 1,282,501
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 270,892
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 1,011,609
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
BURGUNDY ASSET MANAGEMENT LTD. - 0 | ||
| Item 5. | Ownership of 5 Percent or Less of a Class. | |
Not Applicable
| ||
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. | |
Not Applicable
| ||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Documents. | ||
| Item 8. | Identification and Classification of Members of the Group. | |
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. | ||
| Item 9. | Notice of Dissolution of Group. | |
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. | ||
| Item 10. | Certifications: |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. |
| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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