Canada's TD announces support for the global defence bank initiative
Feb 5 (Reuters) - Toronto-Dominion Bank TD.TO said on Thursday it would support the establishment of a global defence bank, becoming the latest major Canadian lender to throw its weight behind the proposal.
The proposed Defence, Security and Resilience Bank is one of several competing ideas for a new multilateral defence bank aimed at rearming European and NATO member countries, although it has garnered limited support in Europe.
Scotiabank BNS.TO and CIBC CM.TO on Monday had made similar announcements, days after the Canadian government gave the proposal its backing.
"As Canada and its allies increase their focus on advancing defence, security and resilience, TD is committed to supporting the financial foundation that helps drive this progress forward," TD CEO Raymond Chun said in a statement.
JPMorgan JPM.N, Royal Bank of Canada RY.TO and Deutsche Bank DBKGn.DE are also partnering with the initiative.
TD, RBC, Scotiabank and CIBC are four of Canada's big six banks, controlling a majority of the country's banking system.
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.
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