Terry Halifax
Northern News Services

Inuvik (May 10/02) - A recent Gwich'in investment may pay the dividend of a new bank for the people of Inuvik.

The Gwich'in Settlement Corporation invested $7 million with the RBC Financial Group to diversify holdings, but GTC President Fred Carmichael says that investment might lead to bringing a new bank to town.

"We had direction from our assembly that we should diversify our investments and we've been talking to the Royal for a while," Carmichael said. "One of the things we talked about was we're trying to encourage them to open a branch here."

"It's not a requirement, we're just looking at putting some of our investments in another bank."

Since 1996, the band has received money from a federal payout which, in past years, they've invested in Inuvik's lone bank, the CIBC.

"Each year, we receive approximately $10 million from the pay out," he said. "This year we put about $3 million into operations and we invested $7 million."

"We'll see how they perform over the next year and we'll probably invest more with them," Carmichael said.

After talking with RBC, the band commissioned the Inuvik Chamber of Commerce to do a survey questioning if people would like to see a second bank open here.

"It came back fairly positive," he said.

In discussions with RBC about opening a branch here, Carmichael said the institution felt it was a good idea.

"There is definitely interest," he said. "With all the activity here, it would be a good thing for everybody."

RBC Financial Group could not be reached for comment at press time.