Vancouver’s business community is looking to next week’s NATO summit for clarity as Canada’s largest cities vie to host the headquarters of a proposed defence and security bank for the military alliance.
Prime Minister Mark Carney announced Tuesday that he will attend the July 6 summit in Türkiye, where the proposed Defence, Security and Resilience Bank (DSRB) will be discussed.
The Prime Minister’s Office issued separate statements highlighting the government’s plans for the bank, describing it as a new multinational institution that will use private capital to provide low-cost financing for defence and security initiatives while benefiting defence workers and small- to medium-sized businesses.
“Canada is rebuilding, rearming, and reinvesting in the Canadian Armed Forces,” Carney said in a statement announcing his trip to the summit.
“We’ve delivered the largest increase in defence investment in a generation, we’ve met our NATO defence expenditure targets for the first time since the fall of the Berlin Wall, and we are building a dense web of new partnerships.”
Canada was selected on April 29 to host the bank, with Vancouver, Ottawa, Montreal and Toronto all hoping to secure the headquarters.
The bank is expected to create about 3,500 jobs and the final decision on its location rests with the federal government.
Decision expected this year
The federal Department of Finance says work to select a host city is “proceeding at pace” as Canada works with allies to formalize participation in the bank.
“In due course, this work will inform a number of key decisions and next steps, including the final location of the DSRB within Canada,” spokesperson Marie-France Faucher said in an email on June 23.
Vancouver’s bid organizers expect next week’s summit will provide more details about the bank’s requirements and timeline.
“We’re hoping there will be some more information coming forward at that point,” said Bridgitte Anderson, president and CEO of the Greater Vancouver Board of Trade and one of the leaders of the city’s bid.
“Our understanding is that a decision would be made later this year, perhaps in the fall.”
As part of its proposal, Vancouver is offering a concierge service to help relocate bank employees and their families to the city.
The program would help newcomers find housing and childcare—both in short supply—as well as navigate banking, licensing and other settlement requirements.
“We’re really putting our mind toward thinking about what would be most helpful in those relocation services, and so that is the work that is being undertaken right now,” Anderson said.
“So that people, when they arrive here on day one, the space is ready to go, their lives are able to be supported, and they can just do the work that they need to do.”
The concierge idea is just one part of Vancouver’s proposal, which is under constant review, Anderson said.
‘Very competitive’ process
Rival bids are also taking shape, with a consortium of firms in Montreal offering several floors of a proposed high-rise tower to house the bank.
The Ontario government, meanwhile, says it has secured interim office space for a headquarters in Toronto through the province’s existing property portfolio.
“We recognize this is going to be a very competitive bid, and so the work that we’ve been undertaking for the past many weeks is to fully understand what the needs of the bank would be, and then how we can put our best foot forward,” Anderson said.
“The concierge service is one of those ways that we’re going to do that, but there are other ways as well, and we’ll be releasing those details soon.”
The Vancouver bid committee has proposed two downtown locations for the bank: the Telus Garden building at 510 West Georgia St., with approximately 160,000 square feet available for lease, and the Exchange building at 475 Howe St., with about 90,000 square feet available across seven floors.
Anderson said the committee is prepared to revisit those properties as more details emerge about the bank’s needs.
“We will go back to our bid and to those locations and to the other initiatives and kind of incentives that we’re offering to see if it aligns with what the Prime Minister’s Office will require,” she said.
“All of that information will be coming forward in the next several weeks.”
