Scotiabank has acquired wealth management company, DundeeWealth. The bank now owns about 118 million shares, representing 97.06% of the issued and outstanding common shares, of DundeeWealth.
As part of the deal, Scotiabank will also receive all the special shares, series C and first preference shares, series X. The financial details of the transaction have not been disclosed. Scotiabank had acquired an 18% minority stake in DundeeWealth in 2007 for $348 million, adds Investment Executive.
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