Doug Ford says he won’t attack other bids in his push for Toronto as defence bank HQ

Following a meeting held in Montreal from April 23 to 26 with representatives of 18 countries, Canada was selected to host the headquarters of the defence bank, but the federal government has yet to choose a host city.

Last week, political figures in Quebec denounced allegations, first reported in La Presse, that Toronto officials had brought up the sovereignty movement to scare the federal government from choosing Montreal as the bank’s headquarters. With five months to go before the next provincial elections in Quebec, the PQ is leading in the polls and has pledged to hold a referendum during its first mandate if elected.

Montreal Mayor Soraya Martinez Ferrada’s office declined to comment Tuesday when asked about Ford’s news conference and referred to a letter sent on May 6 to Prime Minister Mark Carney, signed by major Quebec financial players lobbying for Montreal.

The group co-ordinated through Finance Montréal — the province’s financial cluster that brings together banks, institutional investors, and industry partners — has joined several Quebec politicians in lobbying for Montreal as the natural choice to house the bank’s headquarters, citing its financial strength and international connections.

Signatories, including La Caisse, Desjardins, Banque Nationale, and the Fonds de solidarité FTQ, said Montréal’s financial sector was “ready to pass to action,” offering immediate support from its major banks, access to global financial markets, and strong pools of institutional investors and financial experts.

It also described Montreal as offering “the best conditions in the country,” citing its financial sector, defence industry presence, and international organizations, including UN offices and NATO-related centres.

But Ford said Toronto was the only city in Canada capable of meeting the bank’s needs, pointing to its status as one of North America’s largest financial hubs, home to Canada’s five largest banks, major pension funds, and several international financial institutions.

Ontario has already found a temporary location for the bank and will help it find a permanent one, he said.

“We need the federal government to choose a host city for the bank that can help it hit the ground running, a place with (a) world-class workforce, the banking and defence manufacturing expertise and the global connections that will help the bank succeed,” said Ford.

The Ontario premier said he hasn’t received any clarity from Ottawa on what criteria will be used in selecting the host city.

This report by The Canadian Press was first published May 12, 2026.

— By Charlotte Glorieux in Montreal with files from Rianna Lim in Toronto

The Canadian Press

by The Canadian Press

Doug Ford says he won’t attack other bids in his push for Toronto as defence bank HQ

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