Scotiabank, one of Canada’s big six banks, has acquired Dundee Bank of Canada - hit by the ongoing turmoil in asset-backed commercial paper. Scotiabank is paying C$260 million for the bank. At the same time, it is buying 18 per cent of Dundee Wealth – for C$348 million. Analysts say that this is the bank’s real target. It is investing C$608 million in a deal which could eventually give it control of the Dundee Wealth money-management enterprise founded by 70 year old Toronto millionaire Ned Goodman. The bank said on Tuesday it will pay C$348 million for 18 per cent of Dundee Wealth, with an option to raise this stake to 20 per cent and beyond that to take control. Scotiabank said the deal includes an agreement with Dundee Corporation giving Scotiabank right of first refusal when Dundee decides to sell its shares in Dundee Wealth. Dundee owns 55 per cent of Dundee Wealth, and in turn is 80 per cent owned by Goodman. "This is a win-win for both Dundee and Scotiabank," declared David Goodman, son of the founder who took over in June as chief executive of Dundee Wealth. The business was formerly called Dundee Wealth Management. It manages Dynamic mutual funds, sold through 1,750 advisors. Under the deal, Scotiabank will assume the operation of banking services for Dundee Wealth, which has $62.6 billion in assets under management and administration.