By Robb M. StewartOne of Canada's biggest lenders, Bank of Nova Scotia, is working to launch what it said will be the country's first majority indigenous-owned investment dealer. The new investment dealer will be 70% owned in equal part by Nch'kayDevelopment Ltd. Partnership, Des Nedhe Financial and Chippewas of Rama First Nation. The partners said the goal is for the investment dealer to be wholly indigenous-owned, controlled and operated, but in the interim Ceder Leaf will leverage Scotiabank's infrastructure and core enterprise frameworks. Subject to further regulatory approval, Scotiabank said it plans to begin to reduce its controlling interest. The partners plan to appoint Clint Davis chief executive of Cedar Leaf.

Source: Wall Street Journal February 23, 2024 13:53 UTC