Canada’s Bank of Nova Scotia is on track to launch the country’s first majority indigenous-owned investment dealer. Through a recent agreement with two indigenous development companies and a First Nation group, Scotiabank is laying the groundwork for Cedar Leaf Capital in Canada.
A Step Towards Indigenous Ownership
The new investment dealer, Cedar Leaf Capital, is set to be 70% owned by Nch’kay Development Ltd. Partnership, Des Nedhe Financial, and Chippewas of Rama First Nation, with Scotiabank retaining the remaining minority stake and initial control.
Empowering Indigenous Communities
With a vision of complete indigenous ownership, control, and operation in the future, the partners plan to utilize Scotiabank’s infrastructure and enterprise frameworks initially. The ultimate goal is to encourage more indigenous involvement in the capital markets, generate business opportunities for indigenous communities, and support established entities in fulfilling reconciliation commitments to indigenous peoples.
Meet the Leader
Leading the way as Chief Executive of Cedar Leaf will be Clint Davis. With over two decades of experience in financial institutions and indigenous organizations, Davis, an Inuk from Labrador, brings valuable insights and expertise to this groundbreaking venture.