Scotiabank to redeem non-cumulative preferred share series 38

Chicago, Dec. 2 – Bank of Nova Scotia intends to redeem all its outstanding non-cumulative five-year rate reset preferred shares, series 38, on Jan. 27, according to a press release.

The shares will be redeemed at C$25.00 per share plus unpaid dividends.

On Nov. 30, Scotiabank declared quarterly dividends of $0.3031250 per series 38 share. These dividends will be paid on Jan. 27.

Scotiabank will pay for the redemption with its general funds. The bank says the redemption is part of its management of its tier 1 capital.

The bank is based in Toronto.

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