Here are 1-3 brief analogies for Bank of Nova Scotia (BNS):

• Canada's JPMorgan Chase or Bank of America.
• A Canadian HSBC, particularly for its strong focus on Latin America.

• Deposit Accounts: Services for personal chequing and savings, enabling transactions and secure storage of funds.
• Credit Cards: Revolving credit products providing flexible payment options for consumers.
• Mortgages and Home Equity Loans: Secured loans enabling individuals to purchase homes or borrow against home equity.
• Personal Loans: Unsecured or secured financing options for various personal needs.
• Business Loans and Lines of Credit: Financing and working capital solutions tailored for small and large businesses.
• Treasury and Payment Solutions: Cash management, payment processing, and other financial services for corporate clients.
• Investment Management: Professional services for managing client investment portfolios and assets.
• Financial Planning: Advisory services for long-term financial goals, retirement, and estate planning.
• Brokerage Services: Facilitating the buying and selling of securities and other investment products for clients.
• Corporate and Investment Banking: Advisory services, underwriting, and capital raising solutions for corporations and institutions.
• Capital Markets Trading: Facilitating client transactions and proprietary trading in various financial instruments, including fixed income, equities, and foreign exchange.

As a large multinational financial institution, the Bank of Nova Scotia (symbol: BNS) serves a diverse range of customers rather than primarily selling to a handful of specific companies. Its business model involves serving millions of individual clients and a vast number of businesses of all sizes. Therefore, it is most appropriate to describe the categories of customers it serves:

• Individual Customers (Retail Banking): This category encompasses a large number of consumers globally, including those in Canada, Latin America, and the Caribbean. Services provided include everyday banking (chequing and savings accounts), mortgages, personal loans, credit cards, and investment products.
• Small to Medium-sized Businesses (Commercial Banking): BNS provides banking, lending, and advisory services to a broad array of small and medium-sized enterprises (SMEs) across various industries. These businesses rely on the bank for operating accounts, lines of credit, business loans, and treasury management solutions.
• Large Corporations and Institutional Clients (Wholesale Banking / Global Banking and Markets): This segment serves large domestic and multinational corporations, governments, and institutional investors (such as pension funds and asset managers). Services include corporate lending, capital markets solutions (equity and debt underwriting, trading), advisory services (e.g., mergers and acquisitions), and treasury services.

• Alphabet Inc. (GOOGL)
• SAP SE (SAP)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

L. Scott Thomson, Director, President, Chief Executive Officer

L. Scott Thomson has been the President and Chief Executive Officer of the Bank of Nova Scotia since February 2023, and also serves as a Director of the bank. Prior to his current role, he was the President and Chief Executive Officer at Finning International Inc. He also served as the Chief Financial Officer of Talisman Energy Inc. and as Executive Vice President of Corporate Development at Bell Canada Enterprises. Mr. Thomson began his career in 1998 with Goldman Sachs as an investment banker, where he held a Vice President position. He was elected a director of the Bank of Nova Scotia in April 2016.

Rajgopal Viswanathan, Chief Financial Officer; Group Head

Rajgopal Viswanathan has served as the Chief Financial Officer and Group Head at Scotiabank since 2019. He previously held the roles of Chief Financial Officer and Executive Vice President in 2018, and Chief Accountant and Senior Vice President at the bank. Mr. Viswanathan was appointed acting CFO in May 2018. Since joining Scotiabank in 1991, he has progressed through various senior positions within Risk Management, Finance, and Audit, including Vice President and Head of Capital Markets and Group Treasury Audit.

Aaron W. Regent, Chairman Executive Board

Aaron W. Regent has been the Chairman of the Bank of Nova Scotia since 2013. His previous roles include President and Chief Executive Officer of Barrick Gold Corp from 2009 to 2012. Mr. Regent also served as Senior Managing Partner of Brookfield Asset Management, Co-Chief Executive Officer of the Brookfield Infrastructure Group, and President and Chief Executive Officer of Falconbridge Ltd.

Travis Machen, Chief Executive Officer; Group Head - Global Banking and Markets

Travis Machen has been the Chief Executive Officer and Group Head of Global Banking and Markets at the Bank of Nova Scotia since 2024. Before joining Scotiabank, he served as Managing Director and Head of Banks, Diversified and Financial Infrastructure at Morgan Stanley. Prior to that, he was a Managing Director and Group Head of Financial Institutions Group, Corporate and Commercial Banking at JPMorgan Chase.

Tim Clark, Chief Information Officer; Group Head

Tim Clark has been the Group Head and Chief Information Officer of the Bank of Nova Scotia since 2024. Previously, he was an Executive Vice President and Chief Information Officer for Canadian Retail, Capital Markets and Corporate at TD Bank. Mr. Clark has also held various technology roles in Capital Markets and Investment Banking at Citigroup and brings 30 years of global industry expertise across retail, corporate, capital markets, and commercial banking.

The Bank of Nova Scotia (BNS) faces several key risks inherent to the financial services industry and its specific operating model. Based on recent information, three significant risks to the business are:

1. Credit Risk: As a lending institution, Scotiabank is inherently exposed to the risk of loan defaults and credit losses. Recent reports indicate increased loan loss provisions, particularly with impaired provisions for credit losses (PCLs) rising in retail portfolios across both Canadian and international markets, including an uptick in mortgage delinquencies in the Greater Toronto Area. This risk directly impacts the bank's profitability and financial stability.
2. Market Risk: Scotiabank is exposed to fluctuations in market variables such as interest rates, foreign currency exchange rates, credit spreads, and commodity prices. Movements in these areas can significantly impact the value of the bank's trading, funding, and investment positions. The broader macroeconomic environment, including changes in interest rates, plays a crucial role in the bank's outlook.
3. International Operations Risk: While Scotiabank has been actively "de-risking" by divesting from some high-risk Central American markets and focusing on North America, its significant international footprint, particularly in Latin America, continues to expose it to currency risk and volatility in those markets. This exposure can lead to earnings instability and regulatory complexities, differentiating its risk profile from banks with a purely domestic focus.

Canadian Banking (Canada)

• Retail Banking: The Canada Retail Banking Market is projected to grow from USD 1.32 trillion in 2025 to USD 1.95 trillion by 2031, with a compound annual growth rate (CAGR) of 6.8%.
• Commercial Banking: The Commercial Banking market in Canada is estimated at USD 490.3 billion in 2025.

International Banking (Latin America focus)

• Retail Banking: The Latin America retail banking market generated a revenue of USD 221.1 billion in 2024 and is expected to reach US$ 355.2 billion by 2033, growing at a CAGR of 5.4% from 2025 to 2033.
• Commercial Banking: While a specific market size for Latin America Commercial Banking was not isolated, the broader Latin American banking industry is estimated at over USD 3 trillion in total assets.

Global Wealth Management

• Canada: The financial wealth across Canada, representing money being invested in the market, is approximately USD 6.5 trillion, projected to increase to about USD 10 trillion by 2030.
• Latin America: The Latin America Wealth Management Market, in terms of assets under management, is expected to grow from USD 1.21 trillion in 2025 to USD 1.36 trillion by 2030, at a CAGR of 2.34%.
• Global: The global wealth management market size was worth around USD 1,636.83 billion in 2024 and is predicted to grow to around USD 4,893.17 billion by 2034.

Global Banking and Markets

• Market size for this specific segment was not available as a distinct addressable market.

Expected Drivers of Future Revenue Growth for Bank of Nova Scotia (BNS)

Over the next 2-3 years, the Bank of Nova Scotia (BNS) is expected to drive future revenue growth through several strategic initiatives and market focuses:

1. Expansion and Optimization of International Banking: Scotiabank is strategically focusing on high-return businesses within its International Banking segment, particularly in the Pacific Alliance countries (Mexico, Peru, Chile, and Colombia) and the Caribbean. The bank has articulated a target of 9%–11% earnings growth on a compound annual growth rate basis over the next three to five years for the Pacific Alliance region. Recent performance highlights this focus, with International Banking generating adjusted earnings up 7% year-over-year in Q3 2025. The bank is actively reallocating capital to markets with anticipated substantial growth, with Mexico being a key focus.
2. Deepening Client Relationships and Product Penetration in Canadian Banking: In its domestic market, Scotiabank is emphasizing deepening client relationships and expanding multi-product banking services. The "Mortgage+" program, for instance, has successfully driven significant multi-product banking relationships, with 90% of new mortgage originations in Q3 2025 including a day-to-day account. The Canadian Banking segment has shown improved revenue growth, with retail savings and day-to-day deposits increasing 6% year-over-year. The bank forecasts double-digit growth in its domestic market over the medium term.
3. Growth in Global Wealth Management: Global Wealth Management is a significant driver of revenue growth, with Scotiabank reporting strong performance and net fund inflows. In Q3 2025, adjusted earnings for Global Wealth Management were up 13% year-over-year, fueled by higher mutual fund fees, brokerage revenues, and net interest income across both Canadian and International wealth businesses. Assets under management (AUM) also saw a 12% year-over-year increase, reaching $407 billion in Q3 2025. This segment is considered strategic for delivering highly accretive growth in return on equity.
4. Digital Transformation and Leveraging AI: Scotiabank is making substantial investments in digital transformation and artificial intelligence to enhance customer service and operational efficiency. Digitalization is identified as a critical success factor for future growth, especially for small businesses, enabling higher revenues, better service, and broader customer reach. The bank's technology spending increased 13% year-over-year in Q4 2024 to support these digitalization and automation efforts. Active mobile users have also grown, with a 10% increase year-over-year in Q2 2024, indicating rising digital adoption rates among customers.
5. Strategic Capital Allocation Towards Higher-Margin Businesses: The Bank of Nova Scotia's strategy includes disciplined capital allocation and a focus on higher-margin businesses. The bank aims to improve returns from its international banking operations by prioritizing capital consumption and favoring high-return opportunities, particularly in Mexico and the Caribbean. Furthermore, there is a strategic intent to allocate a greater share of capital to Canada and to recycle capital from certain Latin American businesses into its corporate banking operations in the U.S. This strategic shift is intended to optimize the bank's business mix for enhanced profitability.

Share Repurchases

• The Bank of Nova Scotia received approval to repurchase up to 20 million common shares, representing approximately 1.6% of its issued and outstanding shares as of May 23, 2025. This normal course issuer bid is expected to commence around May 30, 2025, and conclude by May 29, 2026.
• In the third quarter of fiscal year 2025, BNS repurchased 3.2 million shares under its normal course issuer bid.
• From December 2021 to December 2022, Scotiabank was authorized to repurchase up to 24 million of its common shares, which represented about 2% of the common shares issued and outstanding at the time.

Share Issuance

• In January 2025, the Bank issued USD $1 billion of Limited Recourse Capital Notes, contributing to an increase in its Tier 1 capital ratio.

Outbound Investments

• In August 2024, Scotiabank announced an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp for a total cash consideration of approximately US$2.8 billion. The initial 4.9% investment closed in the fourth quarter of fiscal 2024, with the remaining 10% expected to close in fiscal 2025, as part of a strategy to increase capital deployment in North America.
• In February 2022, the Bank increased its ownership in Scotiabank Chile by acquiring an additional 16.8% stake for $1.2 billion, raising its total ownership to 99.8%.
• During fiscal year 2024, Scotiabank announced an agreement to sell its consumer finance business in Peru, indicating a strategic move to optimize capital allocation and focus on higher-return areas.

Capital Expenditures

• Scotiabank is continuing to invest heavily in digital transformation efforts, including expanding mobile banking services and leveraging artificial intelligence (AI), to enhance customer experience and operational efficiency for 2025 and beyond.
• The Bank's long-term investments saw an increase of 27.54% in 2024 to $113.624 billion, following an increase of 1.82% in 2023 to $89.088 billion, and a 41.41% increase in 2022 to $87.5 billion from 2021.