Vancouver and Toronto battle for NATO defence bank

The NATO logo is illuminated beside the stage during a ceremony celebrating NATO's 75th anniversary in Washington on Tuesday, July 9, 2024. THE CANADIAN PRESS/Adrian Wyld

The fight is on between Canadian cities to become the head quarters of a new international institution that supports NATO members and its allies—the Defence Security and Resilience Bank

“A big chunk of what’s going on in the planet will be in Asia, so we’re actually strategically placed,” said Vancouver Mayor Ken Sim Tuesday.

Vancouver is one of at least four cities vying for the role, along with Montreal, Ottawa and Toronto—which launched a full court press to advocate for the city, complete with a slick video and the premier’s endorsement.

“We have team Ontario united to support Toronto,” said Ontario Premier Doug Ford Tuesday.

The new defence bank could involve 40 countries, hold an estimated $135 billion U.S. in assets and employ 3,500 people. Analyst Dominque Babin says the winning bid will involve more than just financial expertise.

“Good cultural sensibility,” she said, as an example of one criterion, adding,” I think it needs to be able to communicate with different players in different countries.”

An assessment not lost on Toronto or Vancouver’s mayors.

“Toronto is one of the most diverse cities on earth, people from every corner of the world come here,” boasted Toronto Mayor Olivia Chow Tuesday.

Sim responded by saying his city is the better pick.

“I think it’s in our national strategic interest to have it in Vancouver. We’re the gateway to the Pacific. We actually are in the perfect time zone to bridge those gaps,” countered Sim.

The goal of the defence bank is to provide lower interest loans to smaller companies, so they can develop technology and expand faster.

Toronto is pitching its stock market and banking chops, Ottawa its proximity to the federal government and Montreal its connections to Europe—home to most NATO countries

Meanwhile, B.C.’s jobs minister Ravi Kahlon says Vancouver has its own appeal.

“They want to locate to a place where they could recruit talent, that’s a very livable community. We’ve got that,” he said.

The federal government will decide a winner but hasn’t indicated what its criteria will be or when it will announce its decision. The bank is, however, expected to be operating by the end of the year.