Cedar leaves
(Source: Scotiabank)
  • Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer, will open its doors by the end of October after receiving all required regulatory approvals
  • Services to be offered include underwriting or private placements of new debt issues, with potential expansion into advisory services and equity capital markets
  • Scotiabank, one of Canada’s Big Six Banks, is a controlling shareholder in the new dealer
  • Scotiabank stock has gained 22.33 per cent year-over-year, but remains down by 2.73 per cent since 2019

Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer, will open its doors by the end of October after receiving all required regulatory approvals.

The dealer is the result of a partnership, first announced in February 2024, between Nch’ḵay̓ Development, Des Nedhe Group, Chippewas of Rama First Nation and controlling shareholder Scotiabank (TSX:BNS) to increase Indigenous participation in Canada’s capital markets through underwriting or private placements of new debt issues, with potential expansion into advisory services and equity capital markets.

(Source: CNW Group and Scotiabank)

According to Wednesday’s news release, Cedar Leaf will focus its efforts on leveraging partnerships with established market participants to “open doors for Indigenous communities to access tailored financial advice, build capital and drive economic development,” while also “supporting corporate Canada and capital market participants in fulfilling their reconciliation commitments and supporting Indigenous nations and communities.”

The investment dealer will be led by chief executive officer Clint Davis, an Inuk hailing from Labrador and a beneficiary under the Labrador Inuit Land Claim Agreement. Davis has more than 20 years of experience in financial institutions and Indigenous organizations, with a focus on advancing Indigenous development corporations and businesses and advising communities on economic empowerment and independence.

In alignment with Scotiabank’s Truth & Reconciliation Action Plan, Cedar Leaf will eventually become wholly Indigenous-owned, controlled and operated, with the Big Six Bank intending to reduce its controlling stake once the business becomes self-sustaining.

Leadership insights

“Our goal is to not only support Indigenous economic participation, but to empower nations through meaningful relationships built on trust and respect,” Davis said in a statement. “Our clients will be partners in building a stronger and more resilient financial system. We look forward to working with those who share our vision of promoting economic sovereignty and empowering Indigenous communities.”

“Through this partnership we are supporting Indigenous communities in taking control of their economic futures,” added Scott Thomson, president and CEO of Scotiabank. “Cedar Leaf Capital is a significant step toward expanding access and opportunities within capital markets to Indigenous communities and supporting a financial sector where inclusion and respect are foundational values.”

About Scotiabank

Scotiabank seeks to deliver sustainable, profitable growth and maximize total shareholder return through a broad range of advice, products and services in personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank held C$1.4 trillion in assets as of July 31, 2024.

Scotiabank stock (TSX:BNS) is up by 0.89 per cent, trading at C$73.51 per share as of 10:09 am ET. The stock has gained 22.33 per cent year-over-year, but remains down by 2.73 per cent since 2019.

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(Top photo of cedar leaves: Scotiabank)


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