Bank of Montreal says it will spend up to $70 billion in new capital over 10 years in sectors it considers critical to Canada’s economy , including energy , transportation , mining , defence and artificial intelligence .
“Building Canada has always depended on bold ideas backed by capital,” chief executive Darryl White said in a statement on Friday. “The opportunities before us today in these critical economic sectors are the latest chapter in that story.”
Canada’s biggest lenders are promising to spend billions of dollars in sectors that are supposed to play a key role in boosting the country’s economy ahead of Prime Minister Mark Carney’s Canada Investment Summit next week that will bring together global investors, Canadian executives and public-sector representatives.
Canadian Imperial Bank of Commerce on Thursday committed to spending $2 billion to help small and medium-sized defence-related businesses grow, while Royal Bank of Canada on Wednesday announced a $1.4-billion initiative to invest in Canadian technology companies.
BMO said its planned capital mobilization is expected to take place through bank financing, debt capital markets and raising public equity.
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