Finance
Canada will be the headquarters for a future NATO-linked financial institution, official says
TORONTO (AP) — Canada has been selected as the headquarters for a new, financial institution led by NATO and designed to reduce borrowing costs for members of the alliance, a senior government official said on Wednesday.
According to the official, the decision was reached after negotiations hosted by Canada involving nearly 20 founding members of NATO’s proposed Defense, Security and Resilience Bank, or DSRB.
The financial institution is meant to help NATO members and partner countries meet their defense spending commitments and reduce borrowing costs for military spending by pooling credit strength.
The official spoke to The Associated Press on condition of anonymity as they were not authorized to speak ahead of an official announcement. The official said they did not know which city in Canada would be the institution’s headquarters.
Earlier, Ontario Premier Doug Ford cited a report about Canada being selected as the headquarters and pitched in a post on social media that it be in Toronto, saying it’s “an opportunity to put Canada” at the center of global defense finance and manufacturing.
“As our nation’s financial capital, with a skilled workforce and unparalleled global connectivity, there’s no better place for the bank to be headquartered than Toronto,” Ford said.
Canadian Prime Minister Mark Carney’s government has said it will meet NATO’s military spending guideline.
NATO countries, including Canada, have pledged to spend 5% of their national GDP on defense. Carney said last year the government would meet the earlier 2% target this year, then later the same month committed Canada to reaching 5% by 2035.
European allies and Canada have already been investing heavily in their armed forces, as well as weapons and ammunition, since Russia launched an all-out invasion of Ukraine on Feb. 24, 2022.
U.S. President Donald Trump has previously complained that Canada doesn’t spend enough on its military.
Regions Financial Corp. has completed its acquisition of Montgomery-based investment banking firm The Frazer Lanier Company, expanding its municipal finance and corporate investment banking services.
The Birmingham-based financial company announced Thursday that the acquisition has officially closed. Founded in 1976, Frazer Lanier provides investment banking services specializing in municipal and corporate securities and has served corporations, cities, counties and local boards throughout its history.
According to Regions, the acquisition is intended to strengthen the bank’s capital markets capabilities while enhancing services for public sector and institutional clients across its multi-state footprint.
Frazer Lanier has built its business by serving as an underwriter or placement agent for tax-exempt and taxable bonds, helping public entities and organizations access financing.
“Two of our top priorities at Regions Bank are strategically expanding our services and investing in top-tier banking talent,” John Turner, chairman, president and CEO of Regions Financial Corp., said in a news release. “By welcoming experienced bankers from Frazer Lanier to the Regions family, we are connecting Regions’ clients with even greater capabilities while advancing our long-term strategy for growth.”
As part of the acquisition, Frazer Lanier will be integrated into Regions Bank’s Capital Markets division within the company’s Corporate Banking group.
Brian Willman, head of Corporate Banking for Regions, said the two organizations share a similar approach to serving clients.
“Frazer Lanier has built trust by staying close to clients and helping them navigate important decisions,” Willman said. “Together, we can expand that model by bringing more ideas, more capabilities and more connectivity to clients across our markets.”
Regions said the acquisition will expand its municipal finance and investment banking capabilities, strengthen its services for cities, counties and other public entities, and provide clients with broader access to financing and capital markets solutions.
Financial terms of the acquisition were not disclosed.
MOBILE, Ala. (WALA) – A Mobile County grand jury has indicted the former finance director for the city of Semmes on ethics and theft charges.
Heather Renee Davis, who also previously served as city clerk for the city of Satsuma, faces a 12-count indictment. Ten of the counts are ethics violations.
Allegations
Prosecutors allege Davis improperly used her public positions in Semmes and Satsuma for personal gain, including misappropriating public money and resources.
Two counts accuse her of first-degree theft by deception involving amounts over $2,500. One count is tied to the city of Semmes and one to the city of Satsuma.
Arrest and bond
Jail records show Davis was arrested and later released after posting a $60,000 bond.
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