The Saskatoon-based First Nations Bank recruited Goldman Sachs Group Inc. veteran Bill Lomax earlier this year as its CEO, succeeding Keith Martell
The new head of First Nations Bank of Canada plans to expand into wealth management, a move meant to ensure the Indigenous-owned lender offers the services its clients need to be in charge of their own money.
Mr. Lomax previously spent almost eight years as an executive at Goldman, managing US$2-billion of assets for tribal nations in the U.S. He plans to use that experience to build FNBC’s wealth-management platform. The bank already owns a trust company, but lacks the ability to offer customers wealth-management services such as overseeing education and retirement savings.
“I understand Bill Lomax to be a financial institutions executive who gets things done,” said Mr. Bellegarde, now special adviser at law firm Fasken. He said while at Goldman, Mr. Lomax “navigated the contemporary and complicated milieu of wealth management for Native American Tribes and their businesses.”
Building the bank’s business-lending arm remains a top priority, Mr. Lomax said. To get closer to entrepreneurial clients, FNBC plans to enhance its digital platform and expand what’s now a network of 22 branches and kiosks in five provinces and three territories by opening new outlets in British Columba – Mr. Lomax lives in Vancouver – northern Canada, Ontario, Quebec and the Atlantic provinces.
“What Bill Lomax is doing at First Nations Bank is critical to reconciliation,” said Fred Di Blasio, CEO of Longhouse Capital Partners Inc., a Vancouver-based, Indigenous-led alternative asset manager. “The bank helps make Indigenous entrepreneurs equal partners in business, while respecting our values.”
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