SOURCE: Scotiabank

Scotiabank

August 08, 2014 16:40 ET

Scotiabank Provides Update on Accounting Impact of Sale of Shares of CI Financial Corp.

TORONTO, ON--(Marketwired - August 08, 2014) -

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Scotiabank announced today that it will record a gain in its third quarter of approximately $150 million after tax on the reclassification to available-for-sale securities of the approximately 22 million common shares of CI Financial Corp. ("CI") that the Bank continues to hold. This gain is in addition to the previously announced realized gain of approximately $400 million after tax on the portion of the Bank's investment in CI that was sold, resulting in a total gain of approximately $550 million after tax.

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