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 Bank of Nova Scotia ("Scotiabank" or the "Bank") (TSX: BNS) (NYSE: BNS) today released an abridged 2023 supplementary financial information package, available on www.scotiabank.com/investorrelations. The package has been updated to reflect the impact of the adoption of IFRS 17, Insurance Contracts (IFRS 17), which replaces the guidance in IFRS 4, Insurance Contracts (IFRS 4).
Scotiabank has entered into an agreement with two Indigenous development corporations and one First Nation to seek regulatory approval to create and operate a new investment dealer in Canada. The proposed investment dealer, to be named Cedar Leaf Capital Inc. ("Cedar Leaf Capital"), will be majority-owned by three Indigenous shareholders: Nch'ḵay̓ Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation and controlled initially by Scotiabank.