On April 12, 2022, Neyaskweyahk Group of Companies (NGC), the economic development arm of Ermineskin Cree Nation (ECN), announced it had acquired an 18% stake in First Nations Bank of Canada (FNBC), a Canadian chartered bank that provides financial services to Indigenous peoples and advocates for the growth of the Indigenous economy.
FNBC now has more than 87% Indigenous ownership including shareholder groups in Yukon, Northwest Territories, Nunavut, Alberta, Saskatchewan, Manitoba and Quebec.
Advancing the economic development of Indigenous peoples
“This venture sets out to promote economic opportunity for Ermineskin Cree Nation. With this opportunity comes greater success for sustainability and growth.”
– Randy Ermineskin, President of Yellowhead Tribal College and Former Chief of Ermineskin Cree Nation
“We are excited and most proud to welcome NGC as our largest shareholder. They share our vision of serving Indigenous customers with the financial services, focus and respect they deserve from their financial institution.”
– Keith Martell, Corporate Director of TD Bank and Former President and Chief Executive Officer, FNBC (1996-2023)
At a glance
- Founded in 1996, FNBC founders invested capital in creating a bank focused on serving Indigenous customers
- Transaction supports ECN’s culture-based approach to promoting economic diversity and development through economic participation, training and employment
- Deal marks the first time that an Indigenous economic development corporation becomes the largest shareholder of a Canadian chartered bank
Legal advisers for NGC on this landmark transaction:
Partner: Drew LaFond
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