The Royal Bank of Canada (RBC) has announced the establishment of its Truth and Reconciliation Office, part of a new initiative called RBC Origins. This move positions RBC as the first major Canadian bank to create such an office, it said.
RBC Origins, the bank’s new Indigenous banking banner, aims to address the financial and social needs of First Nations, Métis, and Inuit peoples while developing a comprehensive reconciliation action plan.
RBC has a history of collaboration with Indigenous communities, including being the first major financial institution to open a full-service branch in a First Nation community in 1991.
“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 of 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 align with the bank’s Purpose Framework, “Powering Ideas for People and Planet,” which highlights human rights and reconciliation as critical focus areas. The initiative will deepen understanding of reconciliation and environmental stewardship, honoring the heritage and practices of Indigenous communities.
Eni tapped to lead RBC Origins
Chinyere Eni, a member of Little Pine First Nation in Saskatchewan and a second-generation member of the Igbo tribe in Nigeria, has been appointed head of RBC Origins.
Eni’s leadership will focus on increasing access to capital and prosperity for Indigenous economies through integrated financial services. The team also aims to support RBC’s goals as an employer of choice and promote Indigenous community prosperity through philanthropy 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. “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.”
Call to Action 92
One of the Office’s key 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 emphasizes meaningful consultations, respectful relationships, and obtaining free, prior, and informed consent before 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,” Eni added.
RBC has been working with Indigenous communities under three main priorities: economy, people, and communities. The bank’s Listening Circles have been a platform for continuous consultations, informing the development of the inaugural Reconciliation Action Plan aimed at aligning meaningful actions to support reconciliation efforts.
In recent developments, RBC published a report titled “The Business of Reconciliation: Building the Future While Helping Repair the Past,” based on feedback from its Listening Circles. The bank will also release the 16th edition of “A Chosen Journey” in June, highlighting Indigenous perspectives, achievements, and stories.
RBC currently serves Indigenous communities through nine on-reserve branches and six agency locations, supported by specialized Indigenous banking advisors. The bank is also involved in promoting Indigenous innovation, education, and entrepreneurship through initiatives like the Pow Wow Pitch competition and the RBC Future Launch Scholarship for Indigenous Youth.