Scotiabank and CI Financial complete secondary offering of common shares

Torys acted as counsel to Scotiabank as the selling shareholder with a team that included David Seville, Cornell Wright, Glen Johnson, Adrienne DiPaolo, Catherine De Giusti, Michele Cousens and Sam Levitt (corporate finance/securities), Blair Keefe and Eli Monas (financial institutions), Jerald Wortsman (tax) and Mile Kurta and Erin Wiley (U.S. corporate finance/ securities).

On June 17, 2014, The Bank of Nova Scotia (Scotiabank) and CI Financial Corp. (CI) completed a secondary offering by Scotiabank of 72 million common shares of CI at a price of C$31.60 per common share, for gross proceeds to Scotiabank of C$2,275,200,000. The underwriters also exercised their over-allotment option in full, resulting in the purchase of an additional 10.8 million common shares, under the same terms, increasing the gross proceeds received by Scotiabank to C$2,616,480,000.

The offering was completed on a bought deal basis and was underwritten by a syndicate of underwriters, led by Scotia Capital Inc., RBC Capital Markets and GMP Securities L.P.

CI is an independent, Canadian-owned wealth management company.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank, with assets of C$783 billion, as at January 31, 2014.

Further information can be found on Canada Newswire's website.