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Indigenous firms, First Nation to create investment dealer with Scotiabank – The Hamilton Spectator

February 23, 2024.

TORONTO – Canada’s first Indigenous-owned investment dealer could soon be a reality as Scotiabank is partnering with two Indigenous development corporations and a First Nation to launch one.

Cedar Leaf Capital Inc., which still needs regulatory approval, will be majority-owned by Nch’kay Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation.

Together they will own a 70 per cent stake, while Scotiabank will initially hold 30 per cent and control the investment dealer.

Over time, Scotiabank intends to reduce its controlling stake so Cedar Leaf will become a fully Indigenous owned and led investment dealer.

Scotiabank CEO Scott Thomson said the bank was proud to help launch an organization that will expand access within capital markets to Indigenous communities.

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