CDIC member ADS Canadian Bank becomes The Bank of Nova Scotia Trust Company
OTTAWA – November 1, 2022 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective November 1, 2022 ADS Canadian Bank has amalgamated with The Bank of Nova Scotia Trust Company to become a new CDIC member institution under the name “The Bank of Nova Scotia Trust Company”.
Deposits held at ADS Canadian Bank will continue to be eligible for CDIC deposit protection of up to $100,000 in each of CDIC’s deposit insurance categories at the amalgamated entity, The Bank of Nova Scotia Trust Company.
For more than 50 years, CDIC has protected Canadians’ deposits and promoted financial stability. CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $1 trillion in deposits in all our member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.
CDIC is funded by premiums paid by member institutions and does not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
Look for this logo to identify a CDIC member institution:
For more information about CDIC, please go to www.cdic.ca.
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