The Bank had significant investments in the following associates:


					2021							2020
As at October 31 ($ millions)	Country of incorporation		Nature of business		Ownership percentage			Date of financial statements (1)		Carrying value		Carrying value
Canadian Tire’s Financial Services business (CTFS) (2)		Canada		Financial Services		20.00	%		September 30, 2021	$	549	$	534
Bank of Xi’an Co. Ltd. (3)		China		Banking		17.99	%		September 30, 2021		968		926
Maduro & Curiel’s Bank N.V. (4)		Curacao		Banking		48.10	%		September 30, 2021		366		355

(1)	Represents the date of the most recent financial statements. Where available, financial statements prepared by the associates’ management or other published information is used to estimate the change in the Bank’s interest since the most recent financial statements.

(2)

Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value.

(3)	Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $671 as at October 31, 2021 (October 31, 2020 – $818).

(4)

The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of October 31, 2021 these reserves amounted to $60 (2020 – $64).

Summarized financial information of the Bank’s significant associates are as follows.


	For the twelve months ended (1)				As at October 31, 2021
($ millions)	Revenue		Net income		Total assets		Total liabilities
Canadian Tire’s Financial Services business (CTFS)	$	1,098	$	437	$	7,832	$	6,722
Bank of Xi’an Co. Ltd.		1,402		541		65,006		59,828
Maduro & Curiel’s Bank N.V.		304		67		6,183		5,438

	For the twelve months ended (1)				As at October 31, 2020
($ millions)	Revenue		Net income		Total assets		Total liabilities
Canadian Tire’s Financial Services business (CTFS)	$	1,183	$	301	$	7,035	$	6,017
Bank of Xi’an Co. Ltd.		1,317		511		60,392		55,459
Maduro & Curiel’s Bank N.V.		334		80		6,117		5,396

(1)	Based on the most recent available financial statements.