The Royal Bank of Canada has launched a large expansion of its Vancouver banking and innovation hub, with plans to almost double its workforce to 600 employees from 350 by the end of the year.

The move is part of the bank’s effort to expand its overall presence in British Columbia, and has widespread commercial real estate implications, ranging from office to data-centre to industrial applications.

The hub’s expansion builds on RBC’s existing Vancouver AI hub and will integrate AI capabilities across cloud computing, cybersecurity, digital services and analytics to accelerate innovation, while also supporting commercial banking operations.

“RBC is building a more globally connected bank, and expanding our presence in British Columbia represents a tremendous opportunity for strategic growth and innovation,” said Martin Thibodeau, the bank’s B.C. regional president. “The hub helps connect Canadian business to international markets and opportunities, including in the thriving Indo-Pacific region, while helping us better serve global clients looking to invest and grow in Canada. We’re excited to continue to bring transformational technology, enhanced client capabilities, real-time support and expanded employment opportunities to the province.”

The downtown Vancouver hub is expected to support 1,000 jobs across the province by 2029, including 440 net new positions.

The expanded operation includes technology roles in areas such as AI and machine learning, cybersecurity, data science and technical support functions. It will also support growth in RBC’s Vancouver Borealis team, which focuses on machine-learning research and development.

“Vancouver’s rich talent base, West Coast location, world-class academic institutions and the province’s commitment to growing its emerging tech sector makes it the perfect choice for our innovation hub,” said Naim Kazmi, group head of technology and operations at RBC. “By bringing new tech jobs in high demand areas, we hope to play a strategic role in helping the city continue to build its thriving tech ecosystem.”

RBC recently announced a goal of generating between $700 million and $1 billion in enterprise value from AI-driven benefits by 2027 and said it has developed multiple use cases designed to meet regulatory requirements and protect employee and client data.

“AI is a generational change and, due to our early investments in the space, RBC is well-positioned to take advantage of its potential,” said Bruce Ross, head of the bank’s AI group. “Our Vancouver teams will play a big role in helping us prioritize and accelerate our strategic AI ambitions at scale and turn that potential into real value for our clients.”

The Vancouver hub is the latest addition to RBC’s network of technology hubs and innovation labs and also houses commercial banking teams serving clients locally and internationally.

Pictured: RBC office building in Vancouver.

Photo: Shutterstock