RBC launches a new Truth and Reconciliation Office

RBC Origins created to drive solutions, investments and corporate actions to support First Nations, Métis and Inuit Peoples and develop a reconciliation action plan

TORONTO, May 28, 2024 /CNW/ – Today, RBC announced the launch of its Truth and Reconciliation Office under its new Indigenous banking banner, RBC Origins, making RBC the first major bank in Canada to do so.


RBC (CNW Group/RBC)

For decades, RBC has worked with Indigenous employees, clients, organizations, businesses and communities to help build a more prosperous and collaborative future together, including being the first major financial institution to have a full-service branch in a First Nation community in Canada in 1991. RBC is beginning the next leg of its journey with the creation of RBC Origins, which brings together the newly created Truth and Reconciliation Office with the Indigenous Banking strategy team. This shift to RBC Origins signals the bank’s intent to apply the principles, norms and standards of a reconciliation framework to its corporate policy and core operational activities involving Indigenous peoples and their lands and resources.

“On this journey, I have joined several RBC executives in engaging with Indigenous leaders from across the country through listening sessions to help us better understand the needs and aspirations of their communities, as well as issues like relationship building and consent,” said Dave McKay, president and CEO, RBC. “We are launching a Truth and Reconciliation Office under the banner of RBC Origins to integrate reconciliation work across our bank in new ways, exploring opportunities to better incorporate Indigenous knowledge, practices and principles throughout our business.”

RBC Origins will bring to life RBC’s Purpose Framework – Powering Ideas for People and PlanetTM, which identifies human rights and reconciliation as key focus areas for the bank. It will do this by deepening understanding of reconciliation activities and environmental stewardship practices, and honouring the rich and complex heritage, origin stories, practices and principles of Indigenous communities.

Chinyere Eni has been appointed the head of RBC Origins. Ms. Eni is a member of Little Pine First Nation in Saskatchewan and a second-generation member of the Igbo tribe in Nigeria. Under Ms. Eni’s leadership, the team aims to increase access to capital and prosperity of Indigenous economies through the integrated delivery of financial services to governments, not-for-profits, businesses and retail clients. The team’s mandate also supports RBC’s goals of being an employer of choice and promoting the prosperity of Indigenous communities through philanthropic ventures and procurement practices.

“For decades, RBC has partnered with First Nations, Métis and Inuit Peoples and communities to create positive social change and drive economic growth. To continue doing that in an impactful and relevant way, it was important for us to evolve our own team mandate, identity and approach,” said Chinyere Eni, head, RBC Origins. “We’re excited about the launch of RBC Origins, including our new Truth and Reconciliation Office, as it marks a shift to collaborating with Indigenous communities in ways that are more holistic, while being accountable and transparent about the outcomes of our actions and commitments.”

One of the Office’s priorities is to develop a Reconciliation Action Plan, in response to the Truth and Reconciliation Commission of Canada’s Call to Action 92. This Call to Action includes an appeal for organizations to commit to meaningful consultations, building respectful relationships and obtaining free and prior informed consent before proceeding with economic development projects.

“Transformation and innovation don’t always have to mean ‘net new’. History is not measured in a straight upward line of progress. We can gain so much knowledge through our experiences, stories, histories and ancestors. To solve the big, complex problems our world is facing like inclusion and climate change we need to surface valuable knowledge, principles and creativity from every source available,” Ms. Eni added.

Since signing a Memorandum of Understanding with the Assembly of First Nations and pledging to honour the Truth and Reconciliation Commission’s Call to Action 92, RBC has been working in collaboration with Indigenous community members, organizations and businesses across three priorities: economy, people and communities. The bank continues to conduct consultations with these groups through its Listening Circles to inform the launch of its inaugural Reconciliation Action Plan. The plan will help align meaningful and measurable actions to support reconciliation efforts with Indigenous communities, while helping to increase RBC’s transparency and accountability.

In the interim, RBC recently published learnings and feedback from its most recent Listening Circle sessions with Indigenous community members across Canada in its report, The Business of Reconciliation: Building the Future While Helping Repair the Past. The bank will also be releasing the 16th edition of A Chosen Journey in June as it continues to highlight the important perspectives, accomplishments and stories of Indigenous community members, leaders and businesses.

Today, RBC supports the banking needs of Indigenous communities through its nine on-reserve branches which include a newly opened on-reserve branch located in Enoch Cree First Nation and six agency locations, which are led by teams of specialized Indigenous banking advisors across the country. RBC also supports the next generation of Indigenous innovation, education and entrepreneurship as the proud sponsor of the annual Pow Wow Pitch competition, and the bank’s ongoing commitment to programs like the RBC Future Launch Scholarship for Indigenous Youth and the Indigenous Peoples Development Program.

For more information on RBC’s determination to progress as a bank that stands for Indigenous inclusion and prosperity, visit: rbc.com/indigenous.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 94,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

SOURCE RBC