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The Wabigoon Lake Ojibway Nation’s $12.8 million stake makes it one of the bank’s largest shareholders. (The Logic)
Talking point: The equity stake will expand the bank’s ability to finance major projects planned by Indigenous communities, the FNBC said in a statement. The bank has been actively seeking equity investments from First Nations, as it looks to finance what CEO Bill Lomax described last month at The Logic Summit as the “missing middle”—that is, moderate-sized projects too small to qualify as “projects of national interest” under Ottawa’s new Major Projects Office. Earlier this year, Lheidli T’enneh First Nation in B.C. and its business development arm Tano T’enneh Enterprises invested $10 million in the FNBC, and the bank raised a further $9 million from five other Indigenous-led organizations. Those investments have increased Indigenous ownership of FNBC to 90 per cent.
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