Former Sikh minister Navdeep joins Canadian bank

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By Asia Samachar | Canada |

Canadian former federal minister Navdeep Singh Bains has been tapped by Canadian Imperial Bank of Commerce (CIBC), the fifth largest bank in Canada by asset size, as its vice chair for global investment banking, effective Oct 4.

Navdeep, who served as a minister for five years in Prime Minister Justin Trudeau’s cabinet, announced that he was quitting politics in January, a move that surprised political observers. He had served as the Minister of Innovation, Science and Industry for a total of five years.

The 44 year-old politician earlier said he was stepping down to spend more time with his family after almost 17 years in politics.

“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.

Navdeep 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, reports Bloomberg.

As a lawmaker, he was the Member of Parliament (MP) for Mississauga—Brampton South (2004-2011) and MP for Mississauga—Malton (2015-2021). He started his career as a financial analyst

In his parting speech at the Canadian lower house in July, Navdeep spoke about his parents who had migrated form a small village in Rajashtan, India. The father workers under an Italian carpenter while his mother worked the night shift at a cookie factory.

He also spoke about his identity. When he announced that he was running for a federal seat, one of the party senior members had told him not to publish his photo on his brochures. “I wasn’t going to hide my identity, or conceal who I was,” he said.

RELATED STORY:

Canadian Sikh minister quits Cabinet to focus on family (Asia Samachar, 20 Jan 2021)

Trudeau taps four Indo-Canadians for his new cabinet (Asia Samachar, 22 Nov 2019)

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