Skip to content

RBC Merges Technology Banking, Ventures Groups Under RBCx Name

  • Sid Paquette to continue leading combined business unit
  • Bank isn’t phased by decline in tech valuations, Paquette says
Royal Bank of Canada Holds Annual General Meeting
Photographer: Cole Burston/Bloomberg

Royal Bank of Canada is merging its RBC Ventures partnership group with its RBCx technology banking and innovation arm in a bid to capture more business from entrepreneurs at all stages of their startups’ growth.

Sid Paquette, who has led both RBCx and Ventures since April, will head the combined business, the Toronto-based bank said in a statement Wednesday. The new RBCx will remain part of Royal Bank’s personal and commercial banking business, headed by Neil McLaughlin.