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Scotiabank to set up Canadian investment dealer owned by Indigenous shareholders

Reuters
·1-min read

Feb 23 (Reuters) - Bank of Nova Scotia said on Friday it would set up the first investment dealer in Canada that would be majority-owned by Indigenous shareholders and will be named Cedar Leaf Capital.

The Canadian lender has partnered with two Indigenous development corporations as well as Chippewas of Rama First Nation, who will each own about 23.3% stake in the investment dealer.

Cedar Leaf Capital, which will focus on encouraging greater Indigenous participation in the capital markets, will offer financial advisory services to institutional clients in Canada with a particular focus on fixed income securities.

The investment dealer, which will be initially controlled by Scotiabank, is intended to become wholly Indigenous-owned, controlled and operated in the future.

Clint Davis will be appointed as the CEO of Cedar Leaf Capital, Scotiabank said.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)