NEW BANKING SYSTEMS A major milestone in Atuqtuarvik’s history was to introduce new banking services to Nunavut. At the request of its shareholder, Atuqtuarvik investigated options for bringing banking services to the smaller and underserved communities in Nunavut. Studies showed that it would be difficult to open a new bank and have it be successful, so the alternative was to bring an existing bank to Nunavut, leading to Atuqtuarvik investing in First Nations Bank of Canada (FNBC). “Our purchase of shares in 2007 made Inuit the largest shareholder in FNBC,” says Hick. “Since this investment was made the Bank opened a full-service branch in Iqaluit as well as Community Banking Centres in several communities—Baker Lake, Kugluktuk, Pond Inlet, Pangnirtung, Arviat, Taloyoak and Igloolik (soon). FNBC has been an exceptional partner because it is Indigenous and it operates in remote and Northern areas, which gives them a true understanding of the issues that can arise from geography and lack of services. They also continue to play a prominent role in commercial lending throughout the territory. Today, Atuqtuarvik is the second largest shareholder in FNBC and the partnership between Atuqtuarvik and FNBC continues to be strong.” Over the last 23 years, Atuqtuarvik has provided more than $160 million in debt and equity financing. As well, our loss ratio has remained low at 3.1 per cent, which is a testament to our clients and us working together. Our clients’ success is our success. Rod Hick, President and CEO of Atuqtuarvik (Photo Credit: St-Amour Photography Ottawa) 37 APR 2023 | BUSINESS ELITE CANADA
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