TD and Scotiabank join other banks in promising to deploy billions of dollars' worth of capital

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The bank estimates that new investments worth $1 trillion across more than 300 projects in these sectors have either already been approved or are on the table. “Canada is entering a defining period of investment and industrial growth that will shape the country’s economy for decades to come,” chief executive Raymond Chun said in a statement on Monday. “TD will connect investors with opportunity, help businesses scale and strengthen the sectors critical to Canada’s next era of growth.” Breaking business news, incisive views, must-reads and market signals.

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Please try again Scotiabank promised to deploy more than $100 billion to support projects from similar sectors. In addition to the financial commitment, Scotiabank has also launched an institute to guide policymakers, business leaders and markets in making decisions about Canada’s long-term competitiveness, it said, and in turn, boost the economy. Kirsten Hillman, Canada’s former ambassador to the United States, will be the institute’s lead strategic adviser.

“Every day, we hear from our clients and partners about the challenges and opportunities shaping the future of their businesses and the broader economy,” Scotiabank chief executive Scott Thomson said in a statement. “This is why we are launching the Scotia Growth Institute. The institute will examine where Canada can accelerate and what it will take to turn the country’s strengths into lasting prosperity.” Some of Canada’s biggest financial players have been promising to deploy billions of dollars to support sectors that are supposed to play a key role in boosting the country’s economy ahead of the Canada Investment Summit this week that will bring together global investors, Canadian executives and public-sector representatives.

Last week, Bank of Montreal committed to mobilize up to $70 billion in new capital over 10 years. Similarly, Canadian Imperial Bank of Commerce committed to spending $2 billion to help small and mid-sized defence-related businesses grow and Royal Bank of Canada announced a $1.4-billion initiative to invest in Canadian technology companies. Canada’s largest pension funds have also made similar announcements.

The Public Sector Pension Investment Board last week said it expects to boost investments in Canada by 30 per cent to 40 per cent over the next few years to bring its total assets invested at home above the $100 -illion level. Ontario Teachers’ Pension Plan Board on Friday said it plans to invest an additional $10 billion by the end of 2027 in public and private Canadian investments. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic.

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Source: Financial Post