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Scotiabank to redeem preferred shares

Bank of Nova Scotia is redeeming all its outstanding noncumulative preferred shares series 16.

The Toronto-based company intends to redeem the shares Jan. 27, 2017, at C$25.00 per share, including all declared and unpaid dividends.

Scotiabank will finance the redemption, which has also been approved by Canada's Office of the Superintendent of Financial Institutions, using its general funds.