First Nations Bank of Canada's Bill Lomax: zero defaults, scaling fast

Bill Lomax, CEO of First Nations Bank of Canada, on growing a Schedule I Indigenous-owned bank to $5.4B AUM with a near-zero default record.

Mark Magnacca and Rob Brant sit down with Bill at the TMX Market Centre in Toronto during the FNMPC annual conference.

Founded in 1996 with TD Bank as regulatory sponsor and now approximately 91% Indigenous-owned, First Nations Bank of Canada marks its 30th year in 2026. Under Bill's leadership the trust business has grown from roughly $800 million to $1.4 billion in assets under management, and the bank's current equity raise has already exceeded its $50 million target ahead of close.

What this episode covers:

• Credit profile and partnership architecture: a near-zero default rate and a $25 million lending cap multiplied through co-financing with the Canada Infrastructure Bank, BDC, and EDC.
• The $1.5 trillion Canadian SME succession opportunity, and why First Nations economic development corporations are emerging as long-hold buyers that preserve management and legacy where private equity does not.
• Sectors moving fastest under the Carney government's major projects agenda, with Bill flagging defence as an opportunity most Nations have yet to position for.

Drumbeats is the podcast of the Canadian Indigenous Investment Forum. More at canadianindigenousinvestmentforum.org.