BMO deepens commitment to Canada’s defence sector

BMO is deepening our commitment to Canada’s defence sector, building on our longstanding support for the Canadian Defence Community and our commitment to mobilize up to $70 billion in capital over 10 years for sectors critical to Canada’s economic security and resilience. 

As Canada expands investments in defence, security, critical infrastructure and industrial capacity, the defence sector is playing an increasingly important role in strengthening the country’s economic resilience, supporting innovation and helping drive long-term growth. 

A recent BMO Economics report, Defence Spending as Economic Offence, forecasts that Canada’s “Drive for 5 by 2035” commitment to investing 5 per cent of annual GDP to help ensure 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. As Canada’s first bank, BMO has a long history of supporting the industries that help drive Canada’s growth. 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.”  

- Darryl White, Chief Executive Officer, BMO Financial Group   

Expanded enterprise leadership 

To help support clients and contribute to this important period of growth, BMO has appointed Michael Bonner as Enterprise Chair, Canadian Defence Sector. In this role, Michael will deliver executive coordination across BMO's Canadian Personal & Business Banking, Commercial Banking and Capital Markets businesses to accelerate our defence sector growth strategy. He will also serve as BMO’s liaison to government agencies and industry associations on defence-related financing, export credit and procurement matters. Michael will continue to lead BMO’s Canadian Personal and Business Banking Distribution group.  

Michael is a longtime supporter of Canada's defence community through his professional and personal contributions. On September 9, 2026, he 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. Businesses – from large corporations to SMEs – 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 capitalize on that growth.”  

- Michael Bonner, Enterprise Chair, Canadian Defence Sector and Head, Canadian Personal and Business Banking Distribution, BMO Financial Group 

Building on a longstanding commitment 

As Canada’s first bank, BMO has long supported 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 our Canadian Defence Community Banking program.  

“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. 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.” 

- General (Ret’d) Wayne D. Eyre, Former Chief of the Defence Staff, Canadian Armed Forces 

“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.” 

- 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.