Manitoba aboriginal financial institution aiming to start chartered bank
Tribal Wi-Chi-Way-Win Capital Corp. officials announce plans to create a chartered bank specifically for aboriginal peoples in Manitoba.
The Canadian Press
Published Thursday, July 19, 2012 12:26PM CST
Last Updated Thursday, July 19, 2012 12:34PM CST
An aboriginal financial institution in Manitoba is looking to start a chartered bank to serve Canada's indigenous economy.
Winnipeg-based Tribal Wi-Chi-Way-Win Capital Corp. already provides financial resources to aboriginal entrepreneurs and businesses in the province.
CEO Alan Park says the corporation has signed a memorandum of understanding with investors from the U.S., New Zealand and Canada.
The goal is to pursue a range of native economic projects, including a chartered bank that would operate on a stand-alone basis.
Park says there is a compelling need for a bank with strong indigenous roots to serve the growing financial needs of aboriginal communities.
Tribal Wi-Chi-Way-Win started in 1993 to provide commercial and agricultural business loans to native entrepreneurs.