Bank of Montreal filed Amendment No. 1 to Schedule 13G reporting beneficial ownership of 40,644,979 Bank of Nova Scotia common shares, representing 3.27% of the class as of 09/30/2025 (CUSIP 064149107). The filing aggregates positions across multiple BMO subsidiaries and details sole and shared voting and dispositive powers. The certification states the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.
Positive
None.
Negative
None.
Insights
Passive 13G/A shows BMO at 3.27% of BNS as of 09/30/2025.
The report lists Bank of Montreal and affiliates holding 40,644,979 Bank of Nova Scotia common shares. Schedule 13G indicates a passive intent, distinct from 13D. The positions are spread across subsidiaries with specified sole and shared voting/dispositive powers.
The certification states the holdings are in the ordinary course and not to change or influence control. Actual market impact depends on future portfolio decisions by the reporting persons; no transaction terms or proceeds are involved in this disclosure.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Bank of Nova Scotia
(Name of Issuer)
Common Shares
(Title of Class of Securities)
064149107
(CUSIP Number)
09/30/2025
(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:
5
Sole Voting Power
39,593,698.00
6
Shared Voting Power
458,350.00
7
Sole Dispositive Power
40,186,629.00
8
Shared Dispositive Power
458,350.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
40,644,979.00
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)
3.27 %
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:
5
Sole Voting Power
38,911,703.00
6
Shared Voting Power
458,350.00
7
Sole Dispositive Power
39,014,646.00
8
Shared Dispositive Power
458,350.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
39,472,996.00
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)
3.17 %
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:
5
Sole Voting Power
34,962,955.00
6
Shared Voting Power
246,370.00
7
Sole Dispositive Power
35,065,898.00
8
Shared Dispositive Power
246,370.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
35,312,268.00
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)
2.84 %
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:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
102,943.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
102,943.00
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:
5
Sole Voting Power
2,663,030.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,663,030.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,663,030.00
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:
5
Sole Voting Power
24,549,841.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,549,841.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,549,841.00
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)
1.97 %
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:
5
Sole Voting Power
3,948,748.00
6
Shared Voting Power
211,980.00
7
Sole Dispositive Power
3,948,748.00
8
Shared Dispositive Power
211,980.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,160,728.00
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)
0.33 %
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:
5
Sole Voting Power
1,825.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,804.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,804.00
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:
5
Sole Voting Power
1,825.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,912.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,912.00
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:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,892.00
8
Shared Dispositive Power
0.00
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
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY
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:
5
Sole Voting Power
658,999.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
658,999.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
658,999.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY
(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
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - IRELAND
(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:
40,644,979
(b)
Percent of class:
3.27 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 39,593,698
BANK OF MONTREAL HOLDING INC. - 38,911,703
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 34,962,955
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,663,030
BMO ASSET MANAGEMENT INC. - 24,549,841
BMO NESBITT BURNS INC. - 3,948,748
BMO FINANCIAL CORP. - 1,825
BMO BANK N.A. - 1,825
BMO FAMILY OFFICE, LLC - 0
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 658,999
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 458,350
BANK OF MONTREAL HOLDING INC. - 458,350
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,370
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 211,980
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 40,186,629
BANK OF MONTREAL HOLDING INC. - 39,014,646
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 35,065,898
BMO NESBITT BURNS SECURITIES LTD. - 102,943
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,663,030
BMO ASSET MANAGEMENT INC. - 24,549,841
BMO NESBITT BURNS INC. - 3,948,748
BMO FINANCIAL CORP. - 3,804
BMO BANK N.A. - 1,912
BMO FAMILY OFFICE, LLC - 1,892
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 658,999
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 458,350
BANK OF MONTREAL HOLDING INC. - 458,350
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,370
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 211,980
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Certain of the securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
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.
What ownership did BMO report in Bank of Nova Scotia (BNS)?
BMO reported beneficial ownership of 40,644,979 common shares, or 3.27% of the class as of 09/30/2025.
What form did BMO file for its BNS stake?
Amendment No. 1 to Schedule 13G, reflecting a passive ownership filing.
Who are the reporting persons in BMO’s filing for BNS?
They include Bank of Montreal and multiple affiliates such as BMO Nesbitt Burns Inc., BMO Asset Management Inc., and others listed in Item 2.
Does the filing indicate an intent to influence control at BNS?
No. The certification states the securities were acquired and are held in the ordinary course and not to change or influence control.
What is the event date for the reported ownership?
The date of event is 09/30/2025.
What voting powers are disclosed?
Item 4 details sole and shared voting and dispositive powers for each reporting entity, led by Bank of Montreal with sole voting power over 39,593,698 shares.
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