CIBC trims targets on Canadian pot firms
Canadian Imperial Bank of Commerce hired Navdeep Bains, formerly the country’s minister for innovation, science and industry, as a vice chair for global investment banking.
Bains joins the bank on Oct. 4, Toronto-based CIBC said in a statement Monday. Bains, 44, served as Prime Minister Justin Trudeau’s industry minister from 2015 until the start of this year, when he announced he was stepping down to spend more time with his family after almost 17 years in politics.
Bains was first elected in a key Toronto suburb in 2004 and represented it until 2011, when the Liberals suffered their worst-ever electoral defeat. He won the district back in 2015, when Trudeau took the party from third place to power, and became Trudeau’s lead minister on issues like telecommunications and foreign takeovers, including the 2018 decision to block a Chinese bid for construction giant Aecon Group Inc.
“Our clients in the innovation and technology sectors are seeking to expand their opportunities in a rapidly changing environment, and Navdeep’s experience will enhance the perspective and advice we can offer,” Roman Dubczak, CIBC’s head of global investment banking, said in the statement.
Bains will join former Conservative Party lawmaker Lisa Raitt in CIBC’s investment banking operations. The bank hired Raitt, who served in the cabinet of former Prime Minister Stephen Harper, in January 2020 after she was defeated in an election the previous year.
Before entering politics, Bains started his career as a financial analyst, CIBC said.