The Globe and Mail reports in its Saturday edition that Scotiabank is launching the first majority indigenous-owned investment dealer in Canada through an agreement with two indigenous development corporations and one first nation. The Globe's Stefanie Marotta writes that Cedar Leaf Capital Inc., the proposed company that still requires regulatory approval, would provide institutional clients across Canada with financial advisory services and act as an underwriter of Canadian fixed-income securities. The dealer plans to bolster indigenous participation in capital markets and help generate commercial opportunities. The dealer would initially be operated by Scotiabank, and majority-owned by the Squamish Nation's Nch'kay Development LP in British Columbia, the English River First Nation's Des Nedhe Financial LP in Saskatchewan and the Chippewas of Rama First Nation in Ontario. The three indigenous shareholders would own a combined 70 per cent of Cedar Leaf Capital, or about 23 per cent each. At the outset, Scotiabank plans to provide the infrastructure and tools to develop the investment dealer's operations. Once Cedar Leaf Capital has fully built its own operations, Scotiabank would reduce its interest in the dealer.