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Bank of Nova Scotia partners with two Indigenous development corporations and a First Nation to establish a new investment dealer in Canada

Date Closed

February 23, 2024

Lead Office


On February 23, 2024 the Bank of Nova Scotia ("Scotiabank") entered into an agreement with three shareholders, Nch'kay Development Limited Partnership (Squamish First Nation), Des Nedhe Financial LP (English River First Nation), and Chippewas of Rama First Nation, to establish a new investment dealer in Canada, Cedar Leaf Capital Inc. (“Cedar Leaf Capital”).

Cedar Leaf Capital will be the first-to-market majority Indigenous-owned investment dealer in Canada. Subject to regulatory approval, Cedar Leaf Capital will begin to offer institutional clients in all provinces and territories of Canada financial advisory services with a particular focus on acting as a placement agent or underwriter of Canadian fixed income securities offering.

Scotiabank, headquartered in Toronto, Ontario, is a major Canadian bank and financial services company.

McCarthy Tétrault LLP advised Scotiabank and Cedar Leaf Capital with a team led by Sean D. Sadler, Robert J. Richardson and Andrew Parker that included David P. Badour, Gurvir Sangha, France Courtemanche (Business), Cristian Blidariu, Daanish Pasricha (Securities Regulatory), Ana Badour, Justin Lapedus (Financial Services), Christine Ing, and Michael Scherman (Technology).