RBC introduces RBC Origins to integrate Indigenous knowledge and practices across its banking services
RBC has launched its Truth and Reconciliation Office under its new Indigenous banking banner, RBC Origins, making it the first major bank in Canada to do so.
RBC has worked with Indigenous employees, clients, organizations, businesses, and communities for decades to build a more prosperous and collaborative future. In 1991, it became the first major financial institution to have a full-service branch in a First Nation community in Canada.
The creation of RBC Origins brings together the new Truth and Reconciliation Office with the Indigenous Banking strategy team, signalling RBC's intent to apply a reconciliation framework to its corporate policy and core 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,” stated 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 aims to 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 deepen understanding of reconciliation activities and environmental stewardship practices while honouring the heritage, origin stories, practices, and principles of Indigenous communities.
Chinyere Eni, a member of Little Pine First Nation in Saskatchewan and a second-generation member of the Igbo tribe in Nigeria, will lead RBC Origins.
Under her leadership, the team aims to increase access to capital and prosperity of Indigenous economies through 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 Indigenous communities' prosperity 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 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.”
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 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,” 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 collaborated 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.
This plan will align meaningful and measurable actions to support reconciliation efforts with Indigenous communities while increasing RBC's transparency and accountability.
