# BMO CEO warns Canadian defence spending math doesn't add up

> BMO CEO says Canadian defence companies lack readiness for $500bn spending plan.
- Title: BMO CEO warns Canadian defence spending math doesn't add up
- Summary: BMO CEO says Canadian defence companies lack readiness for $500bn spending plan. BMO CEO Darryl White warns that without existing Canadian defence companies…
- Keywords: bmo, darryl white, canada defence, 500 billion, defence companies, ottawa, banking, money, business, CEO, warns, Canadian
- Source: Financial Post — https://financialpost.com/news/economy/defence/more-support-needed-for-canadian-defence-companies-bmo-ceo
- Author: Naim Karim
- Published: 2026-10-21T16:58:03+00:00
- Read time: 1 min
- Topics: bmo, darryl white, canada defence, 500 billion, defence companies, ottawa, banking, money, business
## BMO CEO warning
BMO CEO Darryl White says Canadian defence companies lack readiness for Ottawa's $500 billion spending plan.

> If you are going to have 70 per cent of the procurement directed at Canadian companies, a lot of those companies don’t exist yet
## Defence spending target
Canada aims to spend $500 billion on defence over the next decade to meet NATO's 5% gdp pledge by 2035.
## Company growth
Canadian defence industry members rose from 600 to over 1,700 in two years according to BMO.
## Banking support
BMO appoints Michael Bonner as enterprise chair for Canadian Defence Sector to link government and industry.
## Economic challenges
BMO CEO warns of ongoing economic volatility despite client adjustments to trade tensions.
## Key takeaway

BMO CEO Darryl White warns that without existing Canadian defence companies, Ottawa's $500 billion defence spending plan won't work mathematically.