Architects Chapman and Oxley designed the building in 1938 and construction began that same year.

After the outbreak of World War II in September 1939, construction halted with only three storeys completed.

In 1938, the Bank of Montreal hired Toronto architecture firm Chapman and Oxley to design a new office tower.

Following the cessation of hostilities, the Bank elected to proceed with construction, albeit with several alterations to the original plan.

The intersection of King and Bay acquired the nickname "MINT corner" for Montreal, Imperial, Nova Scotia, and Toronto.