Scotiabank (BNS) announced Wednesday its commitment to provide an additional C$250,000 to the Veterans Transition Network (VTN), in support of efforts to safely relocate former Afghan interpreters, and locally employed civilians and their families.
Led by Canadian veterans, VTN coordinates the care and evacuation of thousands of Afghan interpreters and civilians awaiting safe transport to Canada.
Tim Laidler, VTN Board president and Afghanistan veteran, said, “Scotiabank’s significant donation will provide housing and food for Afghan families who are internally displaced and most at risk of Taliban retaliation. It is greatly needed support that will help keep our Afghan families safe while we prepare them for evacuation.
“We are very thankful for this generous corporate support to assist Canada’s grassroots effort to rescue our Afghan allies. Our network includes veterans, journalists, business leaders and philanthropists, and today, one of Canada’s big five banks.”
In July 2021, Scotiabank was the first major Canadian bank to commit to supporting local community organizations that help Afghan families settle in and integrate into Canada, including the Afghan Women’s Organization, and True Patriot Love.
The new donation brings Scotiabank’s contribution to C$500,000 in support of these collective efforts, and is part of the bank’s ScotiaRISE initiative, which aims to promote economic resilience by supporting the integration of newcomers. (See Insiders’ Hot Stocks on TipRanks)
On October 4, CIBC analyst Paul Holden maintained a Buy rating on BNS, and a price target of C$90. This implies 14.6% upside potential.
The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on five Buys and four Holds. The average Bank of Nova Scotia price target of C$86.96 implies 11.9% upside potential to current levels.
TipRanks’ Smart Score
BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.