ADS Canadian Bank Amalgamation with Scotiabank Trust

Summary#

ADS Canadian Bank and The Bank of Nova Scotia Trust Company plan to apply to the Minister of Finance for a formal merger under the Trust and Loan Companies Act. If approved, the two would become a single company called The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse) with its head office in Toronto, Ontario, effective November 1, 2021.

What it does#

• The two firms will make a joint application on or after May 24, 2021 for letters patent of amalgamation under the Trust and Loan Companies Act.
• The plan is to continue as one company named The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse).
• The merged entity would have its head office in Toronto, Ontario.
• The proposed effective date for the amalgamation is November 1, 2021, or another date set in the letters patent.
• The notice warns that publication does not guarantee approval. The issuance of letters patent depends on the review process and the discretion of the Minister of Finance.

Who's affected#

• Customers and clients of ADS Canadian Bank and The Bank of Nova Scotia Trust Company (people with trust accounts or using their services).
• Employees and contractors who work for either institution.
• Service partners, suppliers, and anyone who interacts with the companies for trust or banking services.
• Regulators and the Minister of Finance, who will review the application.

Why it matters#

• The legal owner and operator of trust accounts and services could change to a single company. That can affect where accounts are managed, who you contact, and corporate reporting.
• It may lead to changes in how services are organized or delivered, though the notice does not describe operational details.
• This is a proposed merger, not a done deal: approval is required and is not guaranteed.