TD, aboriginal communities take ‘remarkable journey’
WHEN YOU LOOK AT THE PURCHASING POWER OF ABORIGINAL PEOPLE, THE TOTAL NUMBER OF THE MARKET WAS $24-BILLION PER YEAR IN 2011 AND GROWING TO [AN EXPECTED] $32-BILLION BY 2016. THIS IS BIGGER THAN THE [GROSS DOMESTIC PRODUCT] OF NEWFOUNDLAND, LABRADOR AND PRINCE EDWARD ISLAND COMBINED — CLINT DAVIS, TD VICE-PRESIDENT OF ABORIGINAL BANKING
There’s more to TD’s leadership in developing the economic growth of Canada’s aboriginal communities than a commitment to diversity and collaboration. It’s also good business, says Clint Davis, TD’s vice-president of aboriginal banking.
“When you look at the purchasing power of aboriginal people, the total number of the market was $24-billion per year in 2011 and growing to [an expected] $32-billion by 2016,” says Davis. TD and the Canadian Council for Aboriginal Business partnered to prepare the report from which these figures are drawn to determine the size of the aboriginal market.
“This is bigger than the [gross domestic product] of Newfoundland, Labrador and Prince Edward island combined,” says Davis, a former Fulbright scholar who was chief executive officer of the CCAB for five years before joining TD in 2012. “And it’s definitely a growing market, including professionals and skilled tradespeople working to provide for their families, independent small businesses and the economic arms of aboriginal governments.
TD has supported this economic development for close to two decades through early partnership with the Saskatchewan Indian Equity Foundation and the Federation of Saskatchewan Indian Nations to set up the First Nations Bank of Canada (FNBC).
“It was certainly visionary for TD to assist in the creation of an aboriginal bank, and it spoke volumes in terms of what the First Nations of Saskatchewan wanted — to have a bank owned and managed by aboriginal people and servicing aboriginal people,” says Davis. “TD made a conscious decision to partner with a First Nation organization to create a stand-alone bank. It has been a remarkable journey.”
TD, which holds gold status in CCAB’s Progressive Aboriginal Relations (PAR) certification program, continues to work with FNBC.
The combination of the success of FNBC and the opportunity of the growing aborig- inal market led TD to focus on increasing this area of business, says Davis.
“This is definitely a growing market and so the creation of my role was rather timely. And it’s working.”
The need to create a specialized team at TD to focus on business banking opportunities is “an example of growing opportunity, sophistication and business acumen in aboriginal communities, where they are looking at different financial institutions and choosing the one that best meets their needs,” he adds.
Another major factor in the growth of TD’s connection with First Nation, Métis and Inuit communities is the attitude of senior bank officials, says Davis.
“Our culture here is quite remarkable. Much as it is vital for folks in the field to have a level of enthusiasm and seize opportunities, they have to have support from the top. And the level of commitment and engagement from our senior executive leadership team is outstanding.”
As Ed Clark, TD group president and CEO, says in the recent TD and Aboriginal Communities in Canada report: “We have the opportunity, through ongoing collaboration and consultation with aboriginal peoples, to help plant the seeds for economic growth, social advancement and long-term sustainability of aboriginal communities.”
This, says Davis, is “one of the most exciting times in the history of the country for aboriginal communities. Negativity about socio-economic issues tends to dominate the headlines, so the general public is unaware of the other story about entrepreneurial growth in aboriginal communities, working at 100% capacity and partnering with companies to create new revenue streams. It’s a great time to see that our communities have arrived on the economic scene and it’s great to be a small part of that with TD.”