Banking Services Agreement Extension

The City of Vancouver is issuing a Notice of Intent to Contract to extend its existing banking services agreement with the Bank of Montreal. The extension will ensure continuity of all banking functions—account management, transaction processing, cash management, and financing solutions—through a five‑year initial term beginning 1 January 2027, with the option to renew twice for additional five‑year periods (maximum 15 years). The estimated total contract value is approximately CAD 2 million over the full potential term. Vendors may submit questions via the Q&A board before the closing date, but no competitive bidding is indicated; the award will likely be a direct extension to the incumbent. • Extension of current municipal banking services with Bank of Montreal. • Initial term 5 years (Jan 1 2027 – Dec 31 2031) plus up to two optional 5‑year renewals. • Estimated CAD 2 million value over a possible 15‑year horizon; no new product items listed.