TORONTO — Scotiabank says Cedar Leaf Capital is set to become Canada's first majority Indigenous-owned investment dealer after getting the green light from regulators.
As an investment dealer, Cedar Leaf intends to help business and government clients raise money through debt issuance, while it will also potentially expand into advisory services and equity capital markets.
The firm is being launched as a collaboration between Scotiabank, which will hold a 30 per cent stake, and Nch'kay Development, Des Nedhe Group, and Chippewas of Rama First Nation that will each hold equal portions of the remaining 70 per cent.
Scotiabank says Cedar Leaf plans to start operations later this month now that regulatory approvals are in place.
Cedar Leaf, to be led by Clint Davis as CEO, aims to support Indigenous economic participation, create commercial opportunities for Indigenous communities and work with clients also looking to promote economic sovereignty.
Scotiabank says Cedar Leaf will use the bank's infrastructure and systems as it ramps up operations, while Scotiabank's long-term plan is to divest its stake and have the firm become wholly Indigenous owned.
This report by The Canadian Press was first published Oct. 16, 2024.
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The Canadian Press