BMO Financial Group has announced a $21 million gift to seven academic hospitals affiliated with the University of Toronto's Faculty of Medicine.

The gift, to be granted over the next ten years, will help fund medical research and healthcare at the following hospitals and research centres: the Centre for Addiction & Mental Health (CAMH); the Hospital for Sick Children, Princess Margaret Cancer Centre, St. Michael's Hospital, the Sinai Health System, Sunnybrook Health Sciences Centre and Toronto Western Hospital, University Health Network.

Global hub for medical research and patient care

"This is the biggest philanthropic commitment in our company's 200 year history. It is truly transformative, and focuses on helping these seven global centres of excellence continue to push the boundaries of medical science," stated Bill Downe, Chief Executive Officer, BMO Financial Group, in a Sept. 15 announcement.

"This level of private sector funding and support for these world-class hospitals is an example of what makes Toronto a leader in research and innovation," said Toronto Mayor John Tory. "We are proud to be home to a growing and diverse talent pool that will continue to elevate Toronto's standing as a global hub for medical research and patient care, and look forward to the benefits this announcement will have for patients and families in Toronto and abroad."