TD and Scotiabank join other banks in promising to deploy over $250 billion dollars worth of capital

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Photo by Gary Hershorn/Getty ImagesToronto-Dominion Bank and Bank of Nova Scotia have committed to deploy billions of dollars over five years to accelerate growth in sectors they deem critical for the future of Canada’s economy, following similar steps taken by the other big Canadian lenders ahead of Prime Minister Mark Carney’s investment summit.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTD announced a $150-billion commitment with a focus on sectors such as energy, critical minerals, defence, artificial intelligence and infrastructure. 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. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againScotiabank 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.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.