ADS Canadian Bank to amalgamate with The Bank of Nova Scotia Trust Company | General financial discussion | Discussion forum

Previously known as Dundee Bank of Canada and later renamed Hollis Canadian Bank and the current ADS Canadian Bank, both under Scotiabank's ownership, ADS Canadian Bank has proposed to amalgamate with The Bank of Nova Scotia Trust Company November 1, 2021. The regulatory comment period has now closed, and likely the reason for this is minor incremental cost cutting for Scotiabank in terms of regulatory and corporate filing fees, but since ADS Canadian Bank was a not insignificant CDIC insured deposit insurer and Schedule I chartered bank in the deposit broker channel, deposit holders holding both ADS Canadian Bank and The Bank of Nova Scotia Trust Company CDIC insured deposits will have their total value of CDIC insured deposits impacted in accordance with CDIC rules governing financial institution mergers. 🙂

Secondarily, the deposits will now be held by a federally regulated trust company versus a Schedule I bank, though this difference is rather technical and inconsequential and not worth being concerned about.

Cheers,
Doug