BMO Financial Group says it’s joined the rest of the big Canadian banks in backing the proposed Defence, Security and Resilience Bank (DSRB) being set up by democratic countries.
BMO says it’s proud to support efforts like the DSRB that will strengthen Canadian and Allied defence and security.
The defence bank is meant to reduce borrowing costs for military spending among member states by pooling credit strength.
RBC, CIBC, Scotiabank, TD and National Bank have all said they’re partner banks of the DSRB.
Several Canadian cities are also campaigning to secure the headquarters of the new bank and the estimated 3,500 jobs that would come with it.
Finance Minister François-Philippe Champagne said in late January that Canada is looking to contribute to advancing the DSRB after hosting discussions with more than 10 countries on the proposed bank.