March 9, 2017 / 3:30 PM / in 4 months

Canadian banks, insurers to create up to C$1 bln growth fund

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TORONTO, March 9 (Reuters) - Canada's major banks and insurers said on Thursday they planned to create a fund to invest up to C$1 billion ($739.97 million) in the country's small- and medium-sized businesses over the next decade to bolster growth.

The fund is expected to have an initial capital commitment of more than C$500 million. Initial participants will include the country's six major banks as well as insurance companies. ($1 = 1.3514 Canadian dollars) (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

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