ABD invests in First Nations Bank of Canada 

October 3, 2025 in News
Explorer: Fall 2025

On July 28, 2025, First Nations Bank of Canada (FNBC) announced the successful closing of a $9 million equity investment by five Indigenous investors. The new capital will support the Bank’s continued loan book expansion, particularly in response to rising demand in its core commercial lending business, as well as new programs being delivered in partnership with the Business Development Bank of Canada (BDC) and Canada Infrastructure Bank (CIB). 

The investment comes from a group of Indigenous-led entities and communities across Canada: 

• Whitefish Lake First Nation #128 (Treaty 6 – Alberta) 
• Úújǫ Developments (Łı́ı́dlı̨ ı̨ Kų́ ę́ First Nation in the Northwest Territories) 
• Doig River First Nation (Treaty 8 – British Columbia) 
• Dáanaa Jíli (Cache) Trust (Yukon – existing FNBC shareholder expanding its position) 
• Athabasca Basin Development (Saskatchewan – Indigenous investment firm) 

As of July 28, Athabasca Basin Development’s purchase represents approximately 4% ownership of the company. The ownership percentage has changed since FNBC announced a second equity raise of $10M in August, and the ownership percentage will continue to change as FNBC continues its equity raise. “We are pleased to invest in this strong and well-established business,” says Geoff Gay, CEO of Athabasca Basin Development. “We see a lot of growth happening for Indigenous groups, and FNBC is well positioned to service them. This was an excellent opportunity for us to continue our work growing wealth for the Athabasca communities, and we look forward to supporting First Nations Bank as they continue their plans for growth and expansion.” 

“This equity raise is a strong endorsement of our strategy and the trust that Indigenous communities across Canada place in FNBC,” said Bill Lomax, President and CEO of FNBC. “These are not just investors – they are partners in building an Indigenous-led financial institution capable of accelerating economic reconciliation and driving prosperity in our communities.” 

FNBC plans to deploy the new capital to meet the increasing demand for lending from Indigenous governments, entrepreneurs, and businesses across the country. The funding will also help scale up lending under its CIB Indigenous infrastructure development loan program and the recently launched FNBC-BDC Indigenous Business Acquisition loan program. 

This announcement is part of a broader capital raise, with the Bank seeking to secure up to $50 million in equity capital over the coming year. The proceeds will further strengthen FNBC’s ability to serve Indigenous economic development and expand its national reach. 

“Indigenous Nations and communities are on the rise in this country, with this capital investment we plan to keep pace with Indigenous Nations and be the lender of choice for Indigenous-led growth,” said Lomax. “We stand proud to be building a bank that is owned by Indigenous communities and works for Indigenous communities.”