A new group has formed to drum up more financial industry business for Quebec.

Launched Monday, with a mandate to stimulate the creation and development of financial enterprises in Montreal specifically, and Quebec in general, Finance Montréal is charged with “identifying, supporting and promoting promising and innovative initiatives” to benefit the entire financial sector.

The founding members include: several of the banks (BMO Financial Group, Royal Bank of Canada, TD Bank Financial Group, National Bank Financial Group, and Laurentian Bank of Canada); the Montreal Exchange; local financial giants, the Caisse de dépôt et de placement du Québec and Desjardins Group; insurers, Standard Life Assurance Company of Canada and Industrial Alliance; along with Power Financial Corp., Fonds de solidarité FTQ, and the Autorité des marchés financiers.

“Finance Montréal will leverage the mutual co-operation of its members and a close relationship with universities and management schools in order to support the development of the financial sector of Montréal and Quebec,” said Jean Houde, chair of the board of directors of Finance Montréal, in a release.

Quebec’s Minister of Finance, Raymond Bachand, indicated that the provincial government will contribute $200,000 in each of the initiative’s first five years, in addition to funding from the private sector.

“This commitment is a clear demonstration of our willingness to work with the financial sector in creating the optimal conditions for its development. I am delighted to see that the financial community heeded our call,” Bachand said.

IE