The bank has entered into an agreement with Nch’ḵay̓ Development Limited Partnership in B.C., Des Nedhe Financial LP in Saskatchewan and Chippewas of Rama First Nation in Ontario to launch Cedar Leaf Capital. The partnership is subject to regulatory approval. (The Logic)

Talking point: The dealer would provide financial advisory and underwriting services to institutional clients across the country. Scotiabank would initially provide the infrastructure and other tools needed to run the operations, reducing its control once Cedar Leaf is established. The three Indigenous partners will split 70 per cent of the ownership to start with the dealer becoming 100 per cent Indigenous-owned over time. The initiative is meant to increase Indigenous participation in capital markets and create more commercial opportunities for Indigenous communities. “Cedar Leaf Capital will exemplify reconciliation in action,” said Clint Davis, an Indigenous banking veteran who’s to become Cedar Leaf’s CEO.