ADS Canadian Bank to Amalgamate with Scotiabank Trust

Summary#

This notice says that ADS Canadian Bank and The Bank of Nova Scotia Trust Company intend to apply to the federal Minister of Finance to merge (amalgamate) into one trust company. The combined company would use the name The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse), with its head office in Toronto, and the applicants expect the merger to take effect on November 1, 2021 (application to be made on or after May 24, 2021). The merger still needs government approval.

What it does#

• The two trust companies will ask for letters patent of amalgamation under the Trust and Loan Companies Act (Canada).
• If approved, the two firms would continue as a single company under the name The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse).
• The head office of the new company would be in Toronto, Ontario.
• The applicants set November 1, 2021 as the planned effective date, but the final date could be different and depends on the letters patent issued by the Minister.
• The notice warns that publication does not guarantee that the letters patent will be issued; approval is subject to the normal review and the Minister’s decision.

Who's affected#

• Customers and clients of ADS Canadian Bank and The Bank of Nova Scotia Trust Company — their accounts or contracts could be moved to the merged entity.
• Employees and managers of both firms, who may see organizational changes.
• The banks’ owners or any investors, since the corporate structure would change.
• Regulators and anyone tracking trust-company oversight, because federal approval is required.
• It is unclear from the notice whether branch locations, specific account terms, or customer services will change; those details are not provided here.

Why it matters#

• A merger changes which legal entity holds customer accounts, contracts and responsibilities. That can affect where decisions are made, who you contact, and which rules apply.
• Customers and employees should watch for follow-up notices that explain practical changes (account transfers, contacts, or service arrangements).
• Because the amalgamation needs federal approval, the plan is not final.