European Investment Bank applies for exemption from foreign bank status

European Commission President Ursula von der Leyen delivers a speech with Prime Minister Mark Carney, right, at the annual State of the European Union at the European Parliament in Strasbourg, France on Wednesday, Sept. 16, 2026. (AP Photo/Pascal Bastien)

OTTAWA — The European Investment Bank has applied for an exemption from foreign bank status in Canada, a move that would bring the lending arm of the European Union one step closer to operating here.

The request was published today in the Canada Gazette, the government’s weekly publication listing new regulations and official notices.

The bank and the Canadian government signed a letter of intent in March committing to look for new ways to work together in areas like critical minerals.

The goal of that letter is to help ensure stable supply chains for various minerals and metals used in the clean energy, tech and defence sectors.

The March letter says that while the arrangement does not create financial commitments, it was meant to start discussions on allowing the investment bank to operate in Canada.

This application comes ahead of the Canada-EU Summit in Montreal at the end of October, where Canada and the EU are expected to announce the next steps in a deepening partnership.

This report by The Canadian Press was first published Oct. 16, 2026.

David Baxter, The Canadian Press