Canadian banking giant RBC (RY-T) has an ambitious plan to grow its AI research institute hub, the Vancouver Borealis AI hub, the company announced recently.

The bank said it has a goal to achieve $700 million to $1 billion in enterprise value generated from AI-driven benefits by 2027.

“RBC is building a more globally connected bank, and expanding our presence in British Columbia represents a tremendous opportunity for strategic growth and innovation," Martin Thibodeau, RBC regional president, British Columbia said. "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.”

Since its opening last November, the hub has offered employment in high-demand technology fields and commercial banking, the company said in a release.

Goal of 1,000 jobs created

The hub — located in downtown Vancouver — is expanding from 350 employees to 600 employees by the end of 2026 and by 2029, RBC’s goal is to have 1,000 jobs supporting the hub across the province, with 440 being net new roles.

“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,” Naim Kazmi, group head, technology and operations, RBC said.

The hub hosts a wide range of positions, including specialized technology roles in high-demand areas including AI and machine learning, cybersecurity and data science and tech support.

The Vancouver hub is also home to commercial banking teams supporting a wide range of roles from early talent to senior leadership levels. It serves as a centre of expertise on North America’s west coast, offering commercial banking services to RBC clients both locally and globally.

“AI is a generational change and due to our early investments in the space, RBC is well positioned to take advantage of its potential. 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,” Bruce Ross, group head, AI with RBC said.

The Vancouver location is the latest addition to RBC’s global network of technology hubs and innovation labs in places such as Toronto, Calgary, Montreal, Halifax, Minneapolis, New York and London.

Earlier this year, RBC said it has created an AI Group, a newly established team that will report to the chief executive officer. Its aim is to accelerate its AI ambitions over the next several years, the bank said. It named veteran tech executive Bruce Ross to lead the new group.

The bank also received high praise in the Evident AI Index for AI maturity in 2025, which picked it as the number one bank deploying AI in Canada, and third in its global ranking.

The firm launched the original RBC Borealis, its dedicated AI research institute, in 2016. This includes more than 850 AI developers and data engineers, including more than 100 PhDs, RBC said.

RBC has more than 101,000 employees and is Canada’s biggest bank and one of the largest in the world, based on market capitalization. It serves 19 million clients in Canada, the U.S. and 27 other countries.