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Investments in Associates (Tables)
 3 Months Ended
Jan. 31, 2025
Investments accounted for using equity method [abstract]  
Significant Investments in Associates
The Bank had significant investments in the following associates:
 
                              As at  
                                     
January 31
2025
      October 31
2024		  
($ millions)
    Country of
incorporation		      Nature of
business		      Ownership
percentage		      Date of financial
statements
(1)
     
Carrying
value
      Carrying
value		  
KeyCorp
(2)
      United States        Banking        14.92 %       December 31, 2024     
$
4,065
   $ –  
Bank of Xi’an Co. Ltd.
(3)(4)
      China        Banking        18.11 %       December 31, 2024     
698
     658  
Maduro & Curiel’s Bank N.V.
(5)
      Curacao        Banking        48.10 %       December 31, 2024     
558
      527  
  (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)
On December 27, 2024, the Bank completed the acquisition of an additional 10% ownership interest, bringing the total ownership interest in KeyCorp to 14.92% (refer to Note 20 for further details). The Bank has significant influence over KeyCorp through a combination of its ownership interest and board representation. Based on the quoted price on the New York Stock Exchange, the Bank’s Investment in KeyCorp was $4,257 as at January 31, 2025
.
(3)
Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $567 (October 31, 2024 – $570). The market value of the investment has remained below the carrying amount. The Bank performed an impairment test as at January 31, 2025 using a value in use (VIU) discounted cash flow model. The Bank concluded that there is no impairment as at January 31, 2025 (October 31, 2024 – $343).
(4)
The Bank has significant influence over the Bank of Xi’an Co. Ltd. through a combination of its ownership interest and board representation.
  (
5
)
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 January 31, 2025, these reserves amounted to $77
 
(October 31, 2024 – $74).