Scotiabank to launch new investment dealer firm for Indigenous shareholders – Wealth Professional
Feb 26, 2024
A new investment dealer firm will be the first in Canada to be majority Indigenous owned.
The planned launched of Cedar Leaf Capital Inc. follows an agreement between Scotiabank, which will create and operate the firm, and two Indigenous development corporations and one First Nation. They will seek regulatory approval for the firm.
Cedar Leaf Capital will be 70% owned (directly or indirectly) by three Indigenous shareholders – Nch’ḵay̓ Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation – and controlled initially by Scotiabank with the intention for it to be 100% Indigenous owned, controlled, and operated in the future through an orderly reduction of Scotiabank’s holding over time.
“With a team of seasoned capital markets and risk management professionals, Cedar Leaf Capital will seek to provide differentiated debt capital markets advice and execution services to governments and corporate clients and to establish roles in dealer syndicates on new bond issue transactions with the near-term ambition of taking lead roles, particularly in Indigenous-related financings,” said Paul Scurfield, Global Head, Capital Markets, Global Banking and Markets, Scotiabank.
The aim of the new investment dealer is to offer institutional investors financial advisory services in all provinces and territories across Canada, specifically focusing on acting as a placement agent or underwriter of Canadian fixed income securities offerings. It will also encourage greater Indigenous participation in capital markets.
