Business leaders rally to support Montreal’s bid for defence bank

Montreal's business leaders are actively campaigning to secure the location of the new Defence, Security and Resilience Bank (DSR Bank) by proposing a unique solution: repurposing a downtown tower project. A consortium of companies, including the agency Sid Lee, has put forward a plan to convert a planned hotel in Place du Canada into a potential site for the bank, aiming to keep Montreal "in the race."

Announced in April, the DSR Bank is intended to offer "long-term, low-cost financing" for defense initiatives by NATO members and their allies. The federal government's initiative has sparked a competition among major Canadian cities, with Toronto, Ottawa, Vancouver, and Montreal vying for the prestigious location. The final decision on where the bank will be established has not yet been made.

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We’re going to give [Montreal] another card to play.

Martin Leblanc, co-founding architect at Sid Lee, stated that the business community's initiative was not solicited but represents their commitment to Montreal's bid. "We're going to give [Montreal] another card to play," he remarked, emphasizing the community's proactive role in supporting the city's pitch.

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Having the private sector raising their hands and saying, ‘I want to help on that pitch,’ it’s great. I think it shows other cities that we mean business.

Montreal Mayor Soraya Martinez Ferrada expressed gratitude for the private sector's engagement, calling it "great" and indicative of the city's serious intent. Meanwhile, Ontario Premier Doug Ford has strongly advocated for Toronto, asserting it is the only city capable of meeting all the bank's needs due to its diverse population, extensive transportation networks, and willingness to offer support.

Quebec politicians have criticized Toronto's campaign tactics, labeling them a "fear campaign" related to potential Quebec sovereignty referendums. Quebec Premier Christine Fréchette highlighted Montreal's strengths, including its expertise in finance, defense, and aerospace, as well as its multilingual population, as reasons for its suitability to host the bank. The potential impact of sovereignty claims on Montreal's bid remains unaddressed.

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There’s 110 nationalities and nearly 200 languages represented in Ontario. International airports and rail, highway and shipping networks connecting to Canada, the rest of North America and to the destinations around the world. Toronto and Ontario offer all these benefits and we’re willing to go above and beyond to support the DSRB.