Scotiabank, Canada’s No. 3 lender, said in a filing with the U.S. Securities and Exchange Commission that proceeds from the offering would be used for general banking purposes.
The bank said earlier this month it was cutting about 1,500 jobs, mainly due to branch closures and changes in its leadership structure, and would take a pre-tax charge that would reduce fourth-quarter earnings by about 28 Canadian cents per share.
The amount of money a company says it plans to raise in its shelf offering is used to calculate registration fees. The final amount to be raised could be different.
Reporting by Sayantani Ghosh in Bangalore; Editing by Maju Samuel