RBC hires ex-Ontario minister Caroline Mulroney as vice-chair

Royal Bank of Canada has hired former Ontario minister Caroline Mulroney as vice-chair, tasking her with deepening the lender’s relationships with clients and business leaders globally.

Ms. Mulroney – daughter of late prime minister Brian Mulroney and formerly one of the highest-profile members of Ontario Premier Doug Ford’s inner circle – stepped down from her seat in the Ontario Legislature in June. RBC tapped Ms. Mulroney for her “unique” experience in public service, legal and financial services, according to an internal announcement viewed by The Globe and Mail.

As part of her role, Ms. Mulroney will “advise our business leaders on the implications of evolving government policy, regulatory, and public sector developments for our clients,” RBC head of capital markets Derek Neldner said in a memo.

Her appointment is taking place at a critical time for Canada’s biggest bank as it expands its businesses in the United States and Europe and seeks to bolster its dominance in Canada, which faces trade upheaval and economic uncertainty.

RBC’s senior leaders have said that foreign companies and investors are increasingly looking for opportunities to deploy capital in Canada amid Ottawa’s ambitions to boost economic growth. Canadian businesses are expanding their reach into markets overseas and Ottawa is diversifying the country’s trade partners.

“As I look at the years ahead, the opportunity for connecting clients globally, and in particular between Europe and North America, is probably even stronger going forward,” Mr. Neldner said in a recent interview with The Globe.

“The role that a Canadian‑based bank with global capabilities can play will be even better.”

Ms. Mulroney will focus on connecting clients with RBC’s businesses across capital markets, commercial banking and wealth management. She will join the bank on Sept. 14 and will report to Mr. Neldner.

She most recently held roles as the province’s Treasury Board president and minister of francophone affairs.

Ms. Mulroney – who was raised in the public eye during her father’s nine years as prime minister – ran for the position of leader of the Progressive Conservatives in 2018, but lost to Mr. Ford. During her eight-year tenure in cabinet, she also served as attorney-general and minister of transportation.

As president of the Treasury Board, she chaired the committee overseeing Ontario’s $240-billion budget and fiscal plan, and managed internal audit, risk management and accountability across government and more than 130 agencies. She also led the adoption of artificial intelligence solutions across the Ontario public sector.

Before joining public service, Ms. Mulroney worked in financial services and law. She was a vice-resident at Toronto-based asset management firm BloombergSen Investment Partners. She launched her career in investment banking at Bear, Stearns & Co. Inc., and practiced law at Shearman & Sterling LLP in New York.

Last week, Canadian Imperial Bank of Commerce announced that investment banker and global vice chair Mark Mulroney, the son of the former prime minister, was tapped to lead the lender’s office of the chief executive officer. Known inside the bank as the OCEO, the group is tasked with bringing “senior-level strategic perspectives” to the lender’s clients.