Scotiabank sells equity interest in Canadian Tire Financial Services

Torys acted as counsel to Scotiabank with a team led by (Ricco) A.S. Bhasin and that included Brendan Dean (corporate/M&A), Blair Keefe (financial services regulatory), Omar Wakil (competition), Jerald Wortsman and Gwen Watson (tax).

On October 31, 2023, Scotiabank and Canadian Tire Corporation, Limited ("CTC") announced that the completion of a transaction, in which Scotiabank sold its 20% equity interest in Canadian Tire Financial Services (“CTFS”) back to CTC in an all-cash transaction valued at C$895 million.

Scotiabank will continue to provide a committed credit facility of C$1.1 billion to CTFS for the next 18 months

Further information can be found on Canada Newswire’s website and on canadiantire.ca.

Scotiabank is a leading bank in the Americas. It provides a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

CTC is a group of companies that includes a retail segment, a financial services division and CT REIT.