Canada's Scotiabank says it supports global defence bank initiative
LONDON, Feb 2 (Reuters) - Canada's Scotiabank BNS.TO said on Monday it would support the establishment of a global defence bank known as the Defence, Security and Resilience Bank (DSRB), days after the Canadian government gave the proposal its backing.
Scotiabank joins several other major banks including JPMorgan JPM.N and Deutsche Bank DBKGn.DE in partnering with the initiative.
Backers of the DSRB want it to become a global state-backed institution with a triple-A credit rating capable of raising $135 billion to fund defence projects.
Canada's finance minister Francois-Philippe Champagne announced Canada's interest in backing the plan in a post on X on Friday after hosting talks with more than 10 nations.
Germany and Britain have previously said they will not back the bank. Britain's defence minister said in parliament last month that the government was interested in exploring multinational finance proposals.
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