Two Indigenous development corporations and one First Nation have partnered with Scotiabank to create a new Indigenous-owned investment dealer. 

Cedar Leaf Capital Inc., which still needs regulatory approval, will be majority-owned by Nch'kay Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation.

Together they will own a 70 per cent stake, while Scotiabank will initially hold 30 per cent and control the investment dealer.

However, over time, Scotiabank intends to reduce its controlling stake so that Cedar Leaf will become a fully Indigenous owned and led investment dealer.

Cedar Leaf will offer Canadian institutional clients financial advisory services, with a focus on fixed income securities offerings.

The groups say it will foster greater Indigenous participation in the capital markets, create commercial opportunities for Indigenous communities, and partner with established market participants to help them in meeting their reconciliation commitments.

This report by The Canadian Press was first published Feb. 23, 2024.