Montreal’s business community is moving forward with plans to convert a downtown tower project into a home for the Defense, Security and Resilience Bank (DSR Bank) in an effort to “stay competitive.”
A group of three companies, including Sid Lee’s agency, have repurposed what was supposed to be a hotel on Place du Canada downtown to potentially house a bank on several floors.
It was announced in April that Canada would host the multinational bank to provide “long-term, low-cost financing” for defense projects by NATO members and their allies, according to a statement from the federal government.
Toronto, Ottawa, Vancouver and Montreal all compete to have DSR Bank located in their jurisdictions. The contract has not been awarded.
Nobody asked developers to consider the DSR Bank scenario, Martin Leblanc, one of the founding architects of the Sid Lee agency, told The Canadian Press. But he said this is a way for the business community to contribute to Montreal’s candidacy.
“We will give [Montreal] another card to play,” he said.
Montreal Mayor Soraya Martinez Ferrada told reporters Thursday that she thanked the companies for their efforts to help promote the city’s bid.
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“Having the private sector put its hand up and say, ‘I want to help with this,’ is a great thing,” he said. “I think this shows other cities that we are serious.”
Ontario Premier Doug Ford was adamant in his claim that Toronto was the only city “that could really provide everything the banks needed.”
“There are 110 nationalities and nearly 200 languages represented in Ontario. International airports and a network of rail, highway and shipping links to Canada, the rest of North America and to destinations around the world,” he told reporters in May. “Toronto and Ontario offer all these benefits and we are willing to do our best to support the DSRB.”
Quebec politicians accused Toronto of waging a “fear campaign” focused on the possibility of another Quebec referendum.
The Parti Québécois is leading in the polls with four months remaining before the next provincial election and has promised to hold a referendum on its first mandate if elected.
Quebec Premier Christine Fréchette said Montreal has what it needs to welcome the bank, including “expertise in finance, defense and the aerospace industry,” and a “multilingual” population. He would not consider whether sovereignty claims could affect Montreal’s candidacy.
Leblanc said the tower drew inspiration from London’s financial world, where businesspeople could end their day in a pub. The tower will rise above one of Montreal’s iconic landmarks, the Dominion Tavern, which will be included in the project.
He said this is just one of the surrounding services that make the Montreal location a “one-stop address” that is distinctive, modern and accessible by public transit.
“I think what will convince the prime minister is the factual benefit of having the bank in Montreal,” Martinez Ferrada said. “[It is] a city that has international organizations, a city that has the ecosystem that this bank needs, a city whose residents can speak more than three languages. In Canada, the biggest city in terms of universities and research is Montreal.”
The cost to build the bank is estimated at $200 million, and the project could be completed in 36 months.
Fréchette said 3,000 potential jobs could be created with the possible presence of the bank.
Leblanc said between 1,500 and 2,000 people could work at the site his group is designing.
— with files from Aaron D’Andrea of Global News and The Canadian Press
© 2026 Global News, a division of Corus Entertainment Inc.
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