TORONTO -- CIBC says it has hired former Conservative MP Lisa Raitt as vice-chair of global investment banking.

The bank says she will focus on developing and fostering senior level client relationships and business development globally as part of CIBC's Capital Markets team.

Raitt, who lost her re-election bid for the Ontario riding of Milton in the last federal election, will start January 27.

She becomes the latest high-profile MP to move over to Canada's banking sector.

Last February, Bank of Montreal hired former Liberal cabinet minister Scott Brison as its vice-chair of investment and corporate banking.

In 2018, former Conservative Party leader Rona Ambrose joined TD Securities to support its global clients on best practices in navigating complex economic, trade, environmental and political issues.