BMO Economics: Canada’s “Drive for 5 by 2035” commitment to the NATO Defence Investment Pledge to generate approximately $150 billion in annual economic impact by 2035
As Canada’s first bank, BMO has served as the Official Bank of the Canadian Defence Community since 2008
BMO and the Institute of International Finance to co-host Defence Finance Forum in Toronto on October 22
Names new Enterprise Chair for the Canadian Defence Sector
TORONTO, Oct. 21, 2026 /CNW/ -- BMO is deepening its commitment to Canada’s defence sector, building on its longstanding support for the Canadian Defence Community and commitment to mobilize up to $70 billion in capital over 10 years for sectors critical to Canada’s economic security and resilience. In addition, BMO is donating $175,000 to support the victims of the tragedy at CFB Wainwright. BMO extends its deepest condolences to the families and communities grieving this profound loss.
As Canada expands investments in defence, security, critical infrastructure and industrial capacity to meet its commitment to the NATO Defence Investment Pledge, the defence sector is playing an increasingly important role in strengthening the country’s economic resilience, supporting innovation and helping drive long-term growth. Canada’s defence industry is also creating new opportunities for small and medium-sized businesses and large corporations across advanced manufacturing, aerospace, technology, cybersecurity, artificial intelligence, quantum technologies and critical minerals sectors.
In a recent report, “Defence Spending as Economic Offence,“ BMO Economics forecasted that Canada’s “Drive for 5 by 2035” commitment to investing 5% of annual GDP to ensure our individual and collective security will generate approximately $150 billion in annual economic impact by 2035.
“Canada is entering a period of significant investment in defence, security and industrial capacity,” said Darryl White, Chief Executive Officer, BMO Financial Group. “As Canada’s first bank, BMO has a long history of supporting the industries that help drive Canada’s growth and of standing behind the people who serve our country. Today’s investments in defence and security are also investments in Canada’s long-term economic strength, competitiveness and resilience. With deep expertise across our bank and longstanding relationships throughout the defence community, we are well positioned to help our clients navigate change, grow their businesses and seize new opportunities,” said Mr. White.
BMO’s Canadian Personal & Business Banking, Commercial Banking and Capital Markets businesses provide tailored advice and banking services to the small and medium-sized businesses, large corporations and government departments and agencies that compose Canada’s defence sector. To deliver executive coordination and to accelerate BMO’s defence sector growth strategy, BMO has appointed Michael Bonner as its Enterprise Chair, Canadian Defence Sector. Mr. Bonner will also serve as the bank’s liaison to government agencies and industry associations on defence-related financing, export credit and procurement matters. Mr. Bonner will continue to lead BMO’s Canadian Personal and Business Banking Distribution group. BMO’s Defence and Security Advisor, Major General (Ret.) David Fraser will report to Mr. Bonner.
Mr. Bonner is a longtime supporter of the Canadian Defence Community, through his professional and personal contributions. On September 9, 2026, Mr. Bonner received the Canadian Army Command Commendation, presented personally by the Commander of the Canadian Army, Lieutenant-General Michael Wright. Created in 1995, this distinguished Canadian honour recognizes military members and civilians whose exceptional contributions go beyond normal duty to support and bring credit to the Army.
“Canada’s defence sector is attracting increasing investment and attention,” said Mr. Bonner, Enterprise Chair, Canadian Defence Sector & Head, Canadian Personal and Business Banking Distribution, BMO. “Businesses – from SMEs to large corporations – are looking for partners who understand the industry and can help them navigate an increasingly complex environment. As governments and industry work to strengthen Canada’s defence industrial base, opportunities are emerging across advanced manufacturing, technology, cybersecurity, infrastructure and supply chains. BMO has the experience, expertise and relationships to help clients of all sizes capitalize on that growth,” Mr. Bonner said.
As Canada’s first bank, BMO has long supported the Canada’s defence sector. Since 2008, BMO has served as the Official Bank of the Canadian Defence Community, serving military members, veterans and their families through its Canadian Defence Community Banking program.
BMO and the Institute of International Finance will co-host a Defence Finance Forum in Toronto on October 22, bringing together finance leaders from the Canadian defence sector to discuss the opportunities and challenges facing the sector and its role in supporting Canada’s economic security, industrial capacity and long-term competitiveness.
BMO is the 2nd largest Commercial bank in Canada, Top 5 Commercial lender in North America, and premier Canadian investment bank with a fully integrated North American platform, providing capital, advice and innovative solutions to businesses throughout Canada’s defence and security sector, including companies operating in aerospace, advanced manufacturing, infrastructure, technology, cybersecurity and critical minerals. BMO is also a partner bank for the Defence, Security and Resilience Bank (DSRB) Development Group.
“The creation of an enterprise chair led by Mike Bonner, focused on Canada’s defence and sovereignty, builds on Mike’s two decades of commitment to supporting the Canadian Armed Forces community,” said General (Ret’d) Wayne D. Eyre, former Chief of the Defence Staff, Canadian Armed Forces. “It reflects a thoughtful commitment to strengthening understanding, collaboration, and support for the institutions and people who contribute to Canada’s security and national resilience.”
“I commend BMO’s efforts to strengthen support for Canada’s defence community through a structured and sustained commitment to serving the unique banking needs of those who serve our country,” added Vice-Admiral Angus Topshee, Vice Chief of the Defence Staff, Canadian Armed Forces.
As Canadian governments and industry increase investment in defence, businesses are expected to benefit from growing procurement activity, infrastructure development, export opportunities and innovation across strategic industries. BMO is helping clients access capital, navigate increasingly complex markets and position themselves for growth as Canada’s defence industrial base continues to expand. Canada’s defence strategy is also expected to create opportunities for small and medium-sized businesses across the country while supporting investment in research, technology and advanced manufacturing capabilities.
Alongside providing capital and strategic advice, BMO will work with industry, government and community partners to support policies that encourage investment, innovation and growth, while helping strengthen the talent pipeline and workforce needed to support Canada’s long-term competitiveness.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.
Noah Note: Some significant moves from BMO all coming in one good go. I applaud their significsnt commitment to supporting tbe families of those affexted by the Wainwright tragedy. I think it's wonderful to see our financial institutions taking a lead here, and I hope others do the same.
BMO has been more ooen than others on this file, and seem to want to do more than they already have when it comes to Defence. It might seem like a string of minor announcements here, but it's better than there is something on the table and the institution being developed over nothing.