ADS Canadian Bank Amalgamating with Scotiabank Trust

Summary#

ADS Canadian Bank and The Bank of Nova Scotia Trust Company say they will apply for letters patent of amalgamation under the Trust and Loan Companies Act (Canada). If approved, the two would combine into one company named The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse) with its head office in Toronto, likely effective November 1, 2021.

What it does#

• The two firms will make a joint application to the Minister of Finance on or after May 24, 2021 for letters patent of amalgamation.
• If the application is approved, the two entities would continue as a single company called The Bank of Nova Scotia Trust Company (French: La Société de Fiducie Banque de Nouvelle-Écosse).
• The merged company’s head office would be in Toronto.
• The proposed effective date is November 1, 2021, or another date set by the letters patent.
• The notice makes clear that publication does not prove approval; issuance depends on the application review 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 may notice changes in account paperwork or who they deal with.
• Employees of the two trust companies could be affected by changes to structure, reporting, or operations.
• People and businesses that contract with or lend to these trust companies may also be affected.
• The final outcome depends on regulatory approval; the notice does not say how many people or which contracts will change.

Why it matters#

• An amalgamation combines two firms into one, which can change who manages accounts, where records are kept, or which legal entity holds assets and liabilities.
• Customers and counterparties should watch for official communications about account numbers, contact points, or terms.
• Because approval is required from the Minister of Finance, the change is planned but not guaranteed.