SCHEDULE: Bank of Montreal Discloses 3.27% Stake in Scotiabank

Bank of Montreal and its affiliates have filed an amended Schedule 13G, disclosing beneficial ownership of 3.27% of Bank of Nova Scotia's common shares as of September 30, 2025.

Summary

• Bank of Montreal and its various subsidiaries collectively beneficially own 40,644,979 common shares of Bank of Nova Scotia.
• This aggregate ownership represents 3.27% of the total outstanding common shares of Bank of Nova Scotia.
• The filing is an Amendment No. 1 to a previous Schedule 13G, indicating an update to their beneficial ownership position.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Bank of Nova Scotia.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a routine disclosure of beneficial ownership and typically carries a neutral sentiment unless it indicates a significant new activist stake or a major divestment, neither of which is suggested here.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• 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.

Industry Context

This filing reflects a routine disclosure of institutional ownership by a major Canadian financial institution (Bank of Montreal) in another major Canadian bank (Bank of Nova Scotia). Such cross-holdings or investment positions are common within the financial services sector, particularly among large institutional investors and asset managers, and typically do not signal strategic shifts unless the stake is significantly larger or accompanied by activist intent.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders of Bank of Nova Scotia gain transparency regarding the institutional ownership structure, specifically the stake held by Bank of Montreal and its affiliates.
• The filing confirms that Bank of Montreal's holdings are for investment purposes in the ordinary course of business, not for control-influencing objectives, which may reassure other investors.

Next Steps

• NA

Key Dates

Keywords

Bank of Montreal, Bank of Nova Scotia, Scotiabank, BMO, SEC Filing, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Ownership, Financial Services, Canadian Banks