Former innovation minister Navdeep Bains joins CIBC as vice-chair of global investment banking

navdeep bains

CIBC announced on September 27 that former member of parliament and innovation minister Navdeep Bains has joined the financial institution as vice-chair of global investment banking.

Bains joins CIBC’s Capital Markets team and will be tasked with helping develop and foster senior-level client relationships and business development globally.

“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,” said Roman Dubczak, managing director and head of global investment banking at CIBC.

Bains’ appointment follows that of former Conservative MP Lisa Raitt, who joined CIBC as vice-chair of global investment banking in early 2020 after she lost her re-election bid in the prior election.

“Together with the Honourable Lisa Raitt, our senior advisory team will offer unparalleled insights into public and industrial policy issues,” said Dubczak.

Bains first revealed that he did not plan to seek reelection in January of this year. He also stepped down from his role as minister of innovation, science, and industry and was replaced by Liberal MP François-Philippe Champagne. Bains cited the need to spend more time with his family as the reason for his decision, and the move came after five years in the ministerial role.

The appointment of Bains also coincides with news that CIBC Innovation Banking is expanding to the United Kingdom (UK) and opening an office in London, England.

Led by Mark McQueen, CIBC Innovation Banking has been operating in North America since early 2018 when it acquired McQueen’s Wellington Financial. The arm of CIBC has more than 12 offices, including the new London site.

“With entrepreneurs’ need for access to capital continuing to grow, combined with CIBC’s 100 years of history in the UK market, it was natural that our key venture capital and growth equity sponsors encouraged us to provide UK-based start-ups with a new source of growth capital,” said McQueen, who serves as president and executive managing director of CIBC Innovation Banking. “Our team has the benefit of more than 20 years of experience in tech and life science lending, which means we are hitting the ground running.”

According to Bloomberg, the group is set to double its 50-person employee base with the expansion to the UK.

CIBC Innovation Banking has been a major player in Canada’s venture debt market since it launched in 2018. Another active player in the space is Silicon Valley Bank (SVB), which began building out a Canadian team in 2019.

Notably, the country has seen an increase in venture debt investment of late, showing signs of the market heating up.

With that, new innovation banking group entrant RBCx recently announced its move in the venture debt space.

“London-based business and community leaders have made it clear that this market needs additional sources of growth capital to fuel the momentum of our fast-growing innovation economy, and we see a real opportunity to be a partner to both funds and firms in this important market,” said Wayne Lee, managing director and head of Europe and Asia Pacific Region for CIBC Capital Markets, regarding the UK expansion.

“North American entrepreneurs and venture funds have embraced CIBC’s Innovation Banking competitive offering, and I’m delighted that CIBC’s growth capital will now be fueling this sector here in the UK,” he added.

Meagan Simpson

Meagan Simpson

Meagan is the Associate Editor for BetaKit. A tech writer that is super proud to showcase the Canadian tech scene. Background in almost every type of journalism from sports to politics. Podcast and Harry Potter nerd, photographer and crazy cat lady.