03/18/2014 08:18 EDT | Updated 05/18/2014 05:59 EDT

Joe Oliver to replace Jim Flaherty as finance minister

Natural Resources Minister Joe Oliver will become the federal government's new finance minister, replacing Jim Flaherty who announced his resignation earlier on Tuesday, CBC News has learned.

Oliver will be named finance minister on Wednesday in Ottawa.

The Toronto MP is a relative newcomer to politics, having been elected in 2011. But he was quickly promoted into cabinet, taking over the natural resources ministry, which included the important Keystone pipeline file.

Oliver may be a compatible choice for Bay Street, where he spent most of his career as an investment banker at Merrill Lynch and, at one time, president and chief executive officer of the Investment Dealers Association of Canada. 

He was also executive director of the Ontario Securities Commission.

His schooling includes an MBA from the Harvard Graduate School of Business and a Bachelor of Arts and Bachelor of Civil Law at McGill University.