It was built from 1937-1938 by architect Sumner Godfrey Davenport of Montreal, Quebec, and completed by the Toronto-based firm of Marani, Lawson and Morris.

The large bronze front doors were designed by Ulysses Ricci of New York, and decorated with facsimiles of Greek coins from the British Museum.

The sculptures decorating the front facade were designed by Jacobine Jones, and they represent Canada's seven principal industries at the time: fishing, electricity, mining, agriculture, forestry, manufacturing, and construction.

The cornerstone was placed by Prime Minister Mackenzie King and the Bank's first governor, Graham Towers.

The building contains an enclosed courtyard with a large tropical garden bordering a shallow pool, which is very popular with wedding photographers, and a three-ton Yap Stone.In 2000, it was named by the Royal Architectural Institute of Canada as one of the top 500 buildings produced in Canada during the last millennium.