Quebec City, QC – August 8, 2017 – Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance” or “iA Financial Group”) (TSX: IAG) and The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) today announced that Industrial Alliance has completed the acquisition of HollisWealth from Scotiabank effective after close of business on Friday, August 4, 2017. The agreement was first announced on December 5, 2016.

HollisWealth provides diversified investment and wealth management services to individuals, families and corporations from 300 locations across Canada. With the addition of HollisWealth, iA Financial Group becomes one of the largest non-bank wealth management firms in Canada with assets under administration of close to $80 billion.

About iA Financial Group

Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and one of the largest publicly-traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.

About Scotiabank

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of over $921 billion (as at April 30, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.