Acquisition impacting the current period

Scotiabank Chile

During the quarter, the Bank completed the acquisition of an additional

16.8

% stake in Scotiabank Chile for $

1.2

billion from the non-controlling interest shareholder, increasing its ownership to

99.8

The purchase consideration was comprised of cash of $650 million and the issuance of 7 million common shares valued at $569 million. The increase in ownership was effective February 27, 2022. This transaction was accounted for as a capital transaction through shareholders’ equity and did not result in a change to the carrying value of the assets and liabilities of the subsidiary, or the Bank’s associated goodwill.

The transaction negatively impacted the Bank’s Common Equity Tier 1 (CET1) ratio by 11 basis points. Scotiabank Chile forms part of the International Banking business segment.