Scotiabank
Acquisitions
5
Major Deals Covered
$12.8B
Disclosed Deal Value
Scotiabank's largest disclosed acquisition here is Jarislowsky Fraser for $950 in 2018. This page covers 5 major deals from 2012 to 2024, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| KeyCorp (14.9% Strategic Investment) | 2024 | Undisclosed | — |
| ING DIRECT Canada (Tangerine) | 2012 | Undisclosed | — |
| MD Financial Management | 2018 | Undisclosed | — |
| Jarislowsky Fraser | 2018 | Undisclosed | — |
| BBVA Chile (Banco Bilbao Vizcaya Argentaria Chile) | 2018 | Undisclosed | — |
2024
$3.9B
Acquired a 14.9% strategic minority equity stake in Cleveland-based U.S. regional bank KeyCorp through a two-stage capital investment.
Generated immediate accretive equity earnings, expanded cross-border syndicated corporate lending, and opened commercial treasury pipelines connecting Canadian and U.S. corporate clients.
2018
$2.6B
Acquired the financial management arm of the Canadian Medical Association (CMA), which had managed wealth for Canadian physicians for nearly 50 years.
Solidified Scotiabank as the premier wealth manager for the Canadian healthcare sector, generating steady high-margin fiduciary fee revenue and low-cost sticky private deposits.
2018
$950M
Acquired Montreal-based institutional asset management firm Jarislowsky Fraser, managing approximately CAD $40 billion for pension funds, foundations, and high-net-worth families.
Integrated into Scotia Global Asset Management while preserving Jarislowsky Fraser's celebrated value-investing investment autonomy and institutional brand.
2018
$2.2B
Acquired 68.19% controlling stake in BBVA Chile, merging it with Scotiabank Chile to double its market share in the country.
Achieved substantial operational scale in Chile, though later capital allocation under CEO Scott Thomson prioritized the North American trade corridor.
2012
$3.1B
Acquired direct branchless banking pioneer ING DIRECT Canada from Netherlands-based ING Group, rebranding the institution as Tangerine Bank in 2014.
Scaled Tangerine to over 2.5 million active accounts, providing Scotiabank with Canada's lowest-cost retail deposit acquisition channel and defending market share against emerging fintech disrupters.
The bank accelerates growth through three pillars: capturing integrated commercial treasury and cross-border trade finance across the Canada-U.S.-Mexico corridor, expanding Canadian primary banking relationships, and maximizing digital adoption via Tangerine.
Scotiabank operates across four core business lines: Canadian Banking (40% of revenues), International Banking primarily in Mexico and Latin America (29%), Global Banking and Markets (17%), and Global Wealth Management (14%). It earns spread income on residential mortgages, commercial loans, and corporate lines, alongside fee income from wealth management, foreign exchange, and advisory services.
The August 2012 acquisition of ING DIRECT Canada for CAD $3.13 billion, subsequently rebranded as Tangerine Bank, giving Scotiabank Canada's leading digital branchless banking platform.
Scotiabank invested approximately CAD $3.9 billion (USD $2.8 billion) in cash to acquire a 14.9% strategic minority equity stake in Cleveland-based U.S. regional bank KeyCorp.
Scotiabank paid CAD $2.59 billion to acquire MD Financial Management from the Canadian Medical Association, securing an exclusive wealth management relationship with over 45,000 Canadian physician families.
In 2018, Scotiabank acquired celebrated Montreal institutional value-investing firm Jarislowsky Fraser for CAD $950 million, adding CAD $40 billion in high-net-worth and institutional assets under management.
Scotiabank restructured its South American retail operations, divesting sub-scale retail units in Colombia and Puerto Rico while refocusing capital on Mexico and the United States.
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