12:58 PM EDT, 10/16/2024 (MT Newswires) -- Cedar Leaf Capital, Canada's first majority Indigenous-owned investment dealer, and a partnership between Scotiabank (BNS.TO), Nch'kay Development, Des Nedhe Group, and Chippewas of Rama First Nation, says it has received all required regulatory approvals.

The new investment dealer, which plans to open its doors at the end of this month, aims to create commercial opportunities for Indigenous communities.

Cedar Leaf Capital is led by chief executive Clint Davis, an Inuk from Labrador and a Beneficiary under the Labrador Inuit Land Claim Agreement.

According to the Scotiabank statement, it is intended that Cedar Leaf Capital will become wholly Indigenous-owned, controlled and operated in the future.

Scotiabank was last seen up $0.86 to $73.72 on the Toronto Stock Exchange.

Price: 73.65, Change: +0.79, Percent Change: +1.08