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Scotiabank said Monday it is paying $2.3 billion to buy up the shares it doesn't already own in investment firm DundeeWealth.

The deal valued DundeeWealth at $3.2 billion and added a major wealth-management business to the bank's financial services operations.

DundeeWealth is a publicly traded subsidiary of Dundee Corp. that provides investment management, securities brokerage, financial planning and investment advice.

DundeeWealth shares were up $1.23, or six per cent, to $20.73 late in the morning on the Toronto Stock Exchange.

The Bank of Nova Scotia bought an 18 per cent minority stake in DundeeWealth about two years ago.

CBC News

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