FIRST NATIONS BANK COMING TO SASKATOON
By Adnews Staff
The Toronto-Dominion Bank has teamed up with the Federation of Saskatchewan Indians, Inc. and the Saskatchewan Indian Equity Foundation Inc. to launch the first Canadian bank that involves First Nations people in its operation. The First Nations Bank of Canada is scheduled to begin operations in late 1996,with head offices in Saskatoon. The plan is to eventually open branches across the entire country. TD is putting $8 million into the venture, while SIEF is investing $2 million. SIEF will receive 75% of the operating profit, which will be re-invested in the bank. Over the next ten years it is hoped that the bank will become entirely Native-owned and controlled. Advertising plans for the bank have not been worked out, but The Phoenix Advertising Group of Saskatoon has been doing the groundwork to get the bank up and running, Phoenix president Graham Barker told Adnews yesterday. Advertising plans are still up in the air. Barker said that an agency has not been officially named for the First Nations Bank and that any campaign would probably not get underway until early next year.