Canada's big six banks back new multinational Defence, Security and Resilience Bank

All six of Canada's major banks have signed on as partners of the Defence, Security and Resilience Bank, a multinational lender being developed by 13 nations and expected to grow to as many as 40 members.

All six of Canada's major banks have signed on to support the Defence, Security and Resilience Bank, a multinational lender Canada is helping to spearhead with NATO members and allies. The bank is being developed by a group of 13 nations and is expected to grow to as many as 40 member countries. It is intended to finance defence projects in participating countries through low‑interest loans. Canada hosted a meeting with 12 other countries on Jan. 30 and Prime Minister Mark Carney discussed the bank with the Prime Minister of Luxembourg on Feb. 9. Key facts: - All six of Canada's major banks have declared support; Bank of Montreal was the last to sign on after the others announced their backing. - The Royal Bank of Canada was the first Canadian partner to join; international institutions already listed as partners include JPMorgan Chase, ING Group, Deutsche Bank, Commerzbank and Landesbank Baden‑Württemberg. - The federal government officially endorsed the Defence, Security and Resilience Bank on Jan. 30 and Canada has taken a leadership role in the bank's development group. - Isabelle Hudon, chief executive officer of the Business Development Bank of Canada, will represent Canada as chief negotiator in upcoming talks. - Negotiations to decide the bank's headquarters location and its charter are expected to begin in March, and several Canadian cities — Ottawa, Toronto, Montreal, Halifax and Vancouver — have put themselves forward; B.C. Premier David Eby has publicly endorsed Vancouver and mentioned about 3,500 jobs that are expected to come with the bank. Summary: The project brings together public endorsements and private banking partners to create a multinational lender for defence projects. Canada is positioned as a leader in the development process and will be represented by Isabelle Hudon at negotiations, which are set to begin in March. Multiple Canadian cities are competing to host the bank, and details such as the final membership and headquarters remain to be settled.