National Bank Taps Retired General Rick Hillier for Defence Financing Push

National Bank of Canada has hired retired General Rick Hillier as its strategic defence advisor. This move is part of the bank's efforts to expand into financing the defence sector, which has traditionally been a challenging and complex process.

Hillier served for over 35 years in the Canadian Armed Forces and was chief of the defence staff from 2005 to 2008. He led major domestic and international operations, including NATO missions. In his new role, Hillier will assist National Bank with its efforts to grow its client base in the defence and security industry.

The bank has identified companies doing work related to defence, particularly among smaller defence companies with significant growth potential. However, banks face roadblocks when financing defence companies due to compliance procedures and securing contracts.

Last year, National Bank reassessed how it reviews businesses related to defence and how it can or cannot finance them in an effort to boost its support for the sector.