RBC commits C$150 million to diversity efforts

Royal Bank of Canada (RY.TO) is committing C$150 million ($111 million) to racial diversity initiatives and aims to increase the proportion of non-white executives to 30% from 20%, Canada’s biggest lender said on Monday.

The bank pledged C$100 million over five years in small business loans to Black entrepreneurs and said it would invest C$50 million until 2025 to create opportunities for 25,000 Black, Indigenous and people of color.

RBC is also committing to have BIPOC youth represent 40% of all summer opportunities by focusing on recruiting from Black and Indigenous groups, it said in a statement.

Reporting By Nichola Saminather