First Nations Bank to open in Baker Lake by February

First Nations Bank of Canada will open kiosks in Baker Lake, Pond Inlet and Kugluktuk next year, the bank announced this week.

Kugluktuk and Pond Inlet slated for banking centres later in the year

First Nations Bank of Canada will open kiosks in Baker Lake, Pond Inlet and Kugluktuk next year, the bank announced this week.

Few Nunavut communities have banks, but as the territory grows, there's more of a need for banking services.

Baker Lake has been asking for a bank for a long time

"We're open to any branch or any banking system," said mayor Joseph Aupaluktuq. "It will be a lot easier to get loans."

Keith Martell, chairman and chief executive officer with First Nations Bank, says the locations in Pond Inlet and Kugluktuk will be ready later in 2014.

First Nations Bank plans to open a community banking centre in the community in early February. A kiosk with a teller will be available in the Co-op store.

"From a customer's perspective, it will give them all the banking services they would get at frankly any bank in Canada," said Keith Martell, chairman and chief executive officer with First Nations Bank.

"They'll have full access to open an account, to deal with account transactions and to do deposit withdrawals."

The company plans to open a branch in Yellowknife in the new year. Martell says the locations in Pond Inlet and Kugluktuk will be ready later in 2014.

The bank has a total of seven full-service branches in Saskatchewan, Ontario, Manitoba, Yukon, Nunavut and Quebec. Its Iqaluit branch opened in June 2010.

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