Scotiabank closes common share offering

On June 8, 2018, Scotiabank announced that it completed its previously announced public offering of 22,655,000 common shares, at a price of C$76.15 per share, for gross proceeds of C$1,725,178,250. The common shares issued include 2,955,000 shares purchased by the underwriters pursuant to the over-allotment option exercised in full by the underwriters.

The net proceeds will be used by Scotiabank to fund a portion of the purchase price for its planned C$2.585 billion acquisition of MD Financial Management from the Canadian Medical Association.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, Europe and Asia-Pacific.

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