First Nation Bank of Canada President & CEO Bill Lomax in Ottawa in June, 2023. The investment from Wabigoon Lake Ojibway Nation raises the Indigenous-owned proportion of FNBC to 90 per cent from 88 per cent.

First Nations Bank of Canada is raising $12.8-million in equity financing from Wabigoon Lake Ojibway Nation as it seeks to boost investments in Indigenous businesses and projects.

The Ontario First Nation is taking a 9.99-per-cent stake in FNBC, making it one of the largest shareholders in the Saskatoon-based financial institution, the country’s largest Indigenous-owned lender.

The investment is the third major commitment for FNBC in recent months, as the bank attempts to raise $30-million to $50-million in Indigenous equity capital to bolster its loan book and expand its service

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