'Now's a good time': Canada's biggest Indigenous-owned bank plans major expansion [Financial Post (Toronto, Ontario, Canada)]
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You can save this article by registering for free here . Or sign-in if you have an account. Canada's biggest Indigenous-owned bank is planning a major expansion that will raise as much as $50 million to reach more customers. Saskatoon-based First Nations Bank of Canada aims for an issuance later this year that could expand its capital by as much as 50 per cent, with a goal to double its $600 million loan book over the next few years, chief executive Bill Lomax said in an interview. This may be the first of two equity raises in the next couple of years, he said. Article content Article content “Now's a good time to do it,” Lomax said of the capital raise, citing more than a decade of dividend payments and record profitability. “We're looking at a community that is starting to skyrocket in terms of the opportunity set.” The move underscores how First Nations , Metis and Inuit communities are becoming a bigger financial force in Canada. This week, Lomax spoke at a conference
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