TORONTO, Oct. 16,
2024 /CNW/ - Cedar Leaf Capital, Canada's first majority Indigenous-owned
investment dealer, announced plans to open its doors later this
month to foster greater Indigenous participation in Canada's capital markets. The partnership
between Scotiabank, Nch'ḵay̓ Development, Des Nedhe
Group, and Chippewas of Rama First Nation, first announced in
February 2024, has received all
required regulatory approvals.
The new investment dealer is uniquely positioned to foster
greater Indigenous participation in Canadian capital markets
through employment, and by creating commercial opportunities for
Indigenous communities.
Leadership rooted in Indigenous Values
Cedar Leaf Capital is led by CEO, Clint
Davis (he/him), an Inuk from Labrador and a Beneficiary under the Labrador
Inuit Land Claim Agreement. Davis brings over 20 years of
experience in financial institutions and Indigenous organizations,
driving a vision that advances Indigenous development corporations
and businesses and advising communities on their path towards
economic empowerment and self-determination.
"Our goal is to not only support Indigenous economic
participation, but to empower nations through meaningful
relationships built on trust and respect," says Davis. "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."
Supporting reconciliation efforts is a priority for businesses
and governments alike. Through partnerships with established market
participants, Cedar Leaf Capital also looks to support corporate
Canada and capital market
participants in fulfilling their reconciliation commitments and
supporting Indigenous nations and communities.
The collaboration between Scotiabank and
Nch'ḵay̓ Development, Des Nedhe Group, and the Chippewas of
Rama First Nation blends financial and market knowledge with deep
understanding of Indigenous business needs. It will open doors for
Indigenous communities to access tailored financial advice, build
capital, and drive economic development.
"Through this partnership we are supporting Indigenous
communities in taking control of their economic futures. 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," said Scott
Thomson, President and CEO of Scotiabank.
Scotiabank's Commitment to Reconciliation
Scotiabank is committed to establishing relationships of trust
among Indigenous employees, clients, and communities and to
building a culture of reconciliation within the Bank's global
footprint. Scotiabank's Truth & Reconciliation Action
Plan supports this commitment and articulates 37 intentional,
detailed steps toward establishing Indigenous voices, knowledge,
rights and inclusion into every aspect of our operations.
It is intended that Cedar Leaf Capital will become wholly
Indigenous-owned, controlled and operated in the future. Until such
time, the firm's operations will leverage Scotiabank's
infrastructure and core enterprise frameworks as it develops its
self-sustaining operations. Once achieved, and subject to
regulatory approval, Scotiabank intends to facilitate an orderly
transition to reduce the Bank's controlling interest in the
entity.
About Cedar Leaf Capital
Cedar Leaf Capital Inc. is
Canada's first majority
Indigenous-owned investment dealer, with a commitment to Indigenous
economic reconciliation. The firm will provide services as an
underwriter or placement agent of new debt issues for corporate and
government clients in Canada, with
plans to potentially expand into advisory services and equity
capital markets. Cedar Leaf Capital operates as a registered
Investment Dealer across all provinces and territories in
Canada. The company is regulated
by the Canadian Investment Regulatory Organization (CIRO).
The firm is committed to Indigenous capacity building by
offering training, employment, and mentorship opportunities, while
also offering investors and issuers meaningful ways to support
Indigenous nations and communities.
Cedar Leaf Capital's name and logo were developed by the
Indigenous agency Creative Fire and reflect its deep-rooted
connection to Indigenous values. The cedar tree, a symbol of
strength, healing, and sustainability, serves as inspiration. The
veins of the cedar leaf in the logo represent the connections
between the people, communities, and businesses that Cedar Leaf
Capital is looking to strengthen through its work.
About Scotiabank
Scotiabank's vision is to be our
clients' most trusted financial partner, to deliver sustainable,
profitable growth and maximize total shareholder return. Guided by
our purpose: "for every future," we help our clients, their
families and their communities achieve success through a broad
range of advice, products and services, including personal and
commercial banking, wealth management and private banking,
corporate and investment banking, and capital markets. With assets
of approximately $1.4 trillion (as at
July 31, 2024), Scotiabank trades on
the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit www.scotiabank.com
and follow us on X @Scotiabank.
SOURCE Scotiabank