Neyaskweyahk Group’s Acquisition of 19% Stake in First Nations Bank of Canada

MLT Aikins acted as counsel to NGC on this landmark transaction.

The Neyaskweyahk Group of Companies (NGC), the economic development arm of Ermineskin Cree Nation (ECN), has become the largest shareholder of First Nations Bank of Canada (FNBC).

ECN and their wholly owned economic development companies have a clear commitment and ambitious strategies to increase community benefits and long-term opportunities. This investment will support ECN’s culture-based approach to building economic diversity and people development through economic participation, training, and employment.

FNBC will work closely with the Ermineskin Cree Nation and other Indigenous shareholders to expand their retail and commercial banking services for Indigenous communities, governments, businesses, organizations and individuals. The Bank provides shareholder value through growth in its capital value, the payment of dividends and a focus on providing Indigenous focused financial services to Indigenous markets across Canada.

Neyaskweyahk Group of Companies Inc. was established in 2013 by ECN to surpass financial self-sufficiency and sustainability through long- term investments and business development. Ermineskin Cree Nation owns 100% shares of NGCI.

Ermineskin Cree Nation is a Cree First Nation government in Alberta, Canada. A signatory to Treaty 6, Ermineskin is one of the Four Nations of Maskwacis, Alberta’s largest Indigenous community.

FNBC is a Canadian chartered bank with over 87% Indigenous shareholders including groups from Nunavut, Northwest Territories, Yukon, Saskatchewan, Manitoba, Alberta and Quebec. 

The MLT Aikins’ team consisted of Drew Lafond (Picture). 

Involved fees earner: Drew Lafond – MLT Aikins;

Law Firms: MLT Aikins;

Clients: Neyaskweyahk Group of Companies ;

Sonia Carcano

Author: Sonia Carcano