CIBC has hired former Liberal cabinet minister Navdeep Bains as vice-chair, global investment banking.

Bains stepped down as innovation minister in January and did not run in the recent federal election.

He officially joins the bank Oct. 4.

CIBC says Bains will focus on developing and fostering senior level client relationships and business development globally as part of its capital markets team.

Bains joins former Conservative cabinet minister Lisa Raitt who was hired by CIBC in January 2020 as vice-chair, global investment banking.

CIBC says together with Raitt that the bank’s senior advisory team will offer unparalleled insights into public and industrial policy issues.