Bank of Nova Scotia announced late Friday that all regulatory approvals have been received and it has completed the $608 million transaction announced September 18, involving Scotiabank’s purchase of Dundee Bank of Canada and its strategic equity investment in DundeeWealth Inc.

Scotiabank is purchasing 300,000 newly-issued common shares and 27 million newly issued non-voting special shares each at a price of $12.76 per share for a total of $348 million to acquire 0.26% of DundeeWealth Inc. common shares and 100% of DundeeWealth Inc. non-voting special shares that are convertible into common shares on a one-for-one basis.

As a result, Scotiabank now owns 18% of the outstanding shares of DundeeWealth Inc. In addition, Scotiabank has purchased Dundee Bank of Canada for $260 million.

“This is a great transaction for Scotiabank,” said Rick Waugh, Scotiabank president and CEO, in a news release.. “It is both a strategic investment with a great partner who shares our long-term commitment to building a great wealth management franchise, and it will provide immediate revenue streams through a white label agreement to provide banking services to DundeeWealth.”

“With DundeeWealth’s proven excellence in asset and investment management, and the independent advisor channel, this investment is an important step in our continuing strong focus on wealth management,” Waugh said.