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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.
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“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.”
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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.
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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.
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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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