SCHEDULE: Bank of Montreal Discloses Stake in Bank of Nova Scotia

Bank of Montreal and its affiliates have filed a Schedule 13G, reporting beneficial ownership of 13.02% of Bank of Nova Scotia's common shares as of March 31, 2026.

Summary

• Bank of Montreal, along with several of its subsidiaries and affiliates, has filed a Schedule 13G, indicating their beneficial ownership of Bank of Nova Scotia's common shares.
• The filing, dated March 31, 2026, details the aggregate beneficial ownership across multiple entities within the Bank of Montreal group.
• The total number of common shares beneficially owned by the reporting persons is 161,564,830, representing 13.02% of the class of securities.
• Individual reporting entities within the Bank of Montreal group hold varying percentages and numbers of shares, with shared voting and dispositive power noted among some entities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine disclosure of beneficial ownership and does not contain performance data or strategic announcements that would typically influence sentiment.

Positives

• Bank of Montreal and its affiliates collectively hold a significant stake, 13.02%, in Bank of Nova Scotia, indicating substantial investment and confidence.
• The filing clearly delineates ownership across various BMO entities, providing transparency regarding the group's investment strategy.

Negatives

• The filing does not contain any negative financial performance indicators or operational challenges for either Bank of Montreal or Bank of Nova Scotia.

Risks

• The filing does not explicitly mention any risks associated with the ownership stake or the underlying securities.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding future performance or strategy.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
• Certifies that the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Bank of Montreal, a major Canadian financial institution, regarding its stake in Bank of Nova Scotia, another significant Canadian bank, highlights ongoing consolidation and strategic investment within the Canadian banking sector. Such filings are routine for large institutional investors tracking significant equity positions.

Related Party Transactions

• Certain of the securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.

Stakeholder Impact

• Shareholders of Bank of Nova Scotia: The filing confirms a significant institutional investor's stake, which can influence market perception and liquidity.
• Shareholders of Bank of Montreal: The filing details a substantial investment by the group in a major Canadian bank, reflecting their investment strategy.
• Regulators: The filing ensures compliance with SEC disclosure requirements for significant shareholders.

Next Steps

• Continued monitoring of Bank of Montreal's beneficial ownership of Bank of Nova Scotia's common shares.
• Future filings may be required if ownership levels change significantly.

Key Dates

Keywords

Bank of Montreal, Bank of Nova Scotia, Schedule 13G, Beneficial Ownership, Common Shares, Investment, SEC Filing, Financial Holding Company, Banking