| Significant Investments in Associates |
The Bank had significant investments in the following associates:
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As at |
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January 31
2026 |
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October 31
2025 |
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Country of
incorporation |
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Nature of
business |
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Ownership
percentage |
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Date of financial
statements(1) |
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Carrying
value |
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Carrying
value |
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United States |
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Banking |
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14.9 |
% |
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March 31, 2026 |
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$ |
4,338 |
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$ |
4,379 |
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Colombia |
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Banking |
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20.3 |
% |
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December 31, 2025 |
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1,374 |
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– |
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Bank of Xi’an Co. Ltd. (4) |
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China |
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Banking |
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18.1 |
% |
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March 31, 2026 |
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727 |
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729 |
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Maduro & Curiel’s Bank N.V. (5) |
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Curacao |
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Banking |
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48.1 |
% |
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March 31, 2026 |
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562 |
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570 |
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(1) |
Represents the date of the most recent financial statements. |
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(2) |
Based on the quoted price on the New York Stock Exchange, the market value of the Bank’s Investment in KeyCorp was $4,793 (January 31, 2026 – $4,742; October 31, 2025 – $4,018). The Bank has significant influence over KeyCorp through a combination of its ownership interest and board representation. During the period, dividends received from KeyCorp of $46 were recognized as a reduction in the carrying value of the investment in associate. |
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(3) |
On December 1, 2025, the Bank completed the sale of its banking operations in Colombia, Costa Rica and Panama to Davivienda Group S.A. in exchange for 20.3% ownership interest in the combined Davivienda Group S.A. The Bank’s ownership consists of 14.99% voting common shares and the remainder in non-voting preferred shares. There is no quoted market price for the common shares. Following the closing, the investment was recognized at a fair value of $1,370 million as the Bank has significant influence over Davivienda Group S.A. given its board representation and ownership interest. Refer to Note 19 for further details. |
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(4) |
Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $591 (January 31, 2026 – $591; October 31, 2025 – $617). The Bank has significant influence over the Bank of Xi’an Co. Ltd. through a combination of its ownership interest and board representation. |
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(5) |
The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of April 30, 2026, these reserves amounted to $77 (January 31, 2026 - $76; October 31, 2025 – $76). |
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