Canada's banks, insurers set up small business fund: Reuters
Canada's major banks and insurers said on Thursday they planned to create a fund to invest up to $1 billion in small Canadian businesses over the next decade to bolster growth, Reuters reported. The fund is expected to have an initial capital commitment of more than $500 million. Initial participants will include the country's six major banks, as well as insurance companies, although a range of financial institutions, including pension funds, will be able to invest in the fund when it is formed. Victor Dodig, chief executive of Canadian Imperial Bank of Commerce, who was one of the earliest supporters of the initiative and played a prominent role in setting up the fund, said it could expand beyond $1 billion.
9 March 2017•3 mins read
