Biggest Indigenous-Owned Bank in Canada Plans Major Expansion

Canada’s biggest Indigenous-owned bank is planning a major expansion that will raise as much as C$50 million ($36 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%, with a goal to double its C$600 million loan book over the next few years, Chief Executive Officer Bill Lomax said in an interview. This may be the first of two equity raises in the next couple of years, he said.

“Now’s a good time to do it,” Lomax said of the capital raise, ...