The Ontario government has formally thrown its support behind Toronto’s bid to become the headquarters of the newly established Defence, Security and Resilience Bank (DSRB), positioning the city as Canada’s preferred home for a multilateral financial institution aimed at strengthening defence and security capacity among allied nations.
The announcement, made Tuesday in Toronto, brought together representatives from the provincial government, the City of Toronto, federal MPs and a broad coalition of supporters from the financial services, technology, defence, manufacturing and academic sectors. Backers argue that Toronto’s scale as a global financial hub, combined with its deep talent pool and international connectivity, gives it a competitive edge in hosting the institution.
“As the financial capital of the country and second largest financial centre in North America, Toronto and Ontario offer unparalleled access to markets, world-class workers and infrastructure,” Premier Doug Ford said. “Headquartering the Defence, Security and Resilience Bank, and the long-term economic benefits it would bring, is a once-in-a-generation opportunity that would benefit every part of the country. Toronto’s selection as Canada’s choice will give us the best possible chance of securing these benefits for all Canadians.”
The DSRB is modelled after the World Bank and is designed to address financing challenges in the defence and security sector as NATO members and allied countries ramp up military and resilience spending. By combining public and private capital, the bank would provide long-term credit and liquidity to defence suppliers of all sizes while helping streamline multinational procurement processes.
Ontario estimates the institution would create roughly 3,500 skilled jobs directly, with additional indirect employment generated across supply chains and supporting industries. Provincial officials say the bank’s presence would also strengthen Canada’s ability to finance major defence, security and resilience projects at a time of heightened geopolitical uncertainty.
Finance Minister Peter Bethlenfalvy said hosting the DSRB aligns with Ontario’s broader economic and security objectives. “Hosting DSRB in Ontario would support jobs, innovation and the development of advanced technologies across the province,” he said. “Hosting the headquarters of this unique financing body in the province is part of delivering on our mandate to protect Ontario and help workers and businesses, while creating the long-term foundations for a strong, resilient and competitive economy.”
Supporters of Toronto’s bid point to several structural advantages. The city is home to all five major Canadian banks and more than 40 foreign banks, providing direct access to capital markets and institutional investors. It also has Canada’s largest combined workforce in financial services, technology and advanced STEM fields, supported by leading universities, colleges and research institutions.
Toronto’s defence and security ecosystem is another key pillar of the bid. The region hosts a diverse cluster of companies operating in aerospace, artificial intelligence, cybersecurity, quantum technologies, robotics, space systems and advanced manufacturing. Southern Ontario alone is home to more than 900 defence-capable organizations, making it one of the country’s most dynamic centres for defence innovation.
Mayor Olivia Chow said the city’s diversity and global reach would help the institution succeed. “Toronto is Canada’s financial engine, and our diversity of talent is unmatched, with a highly skilled workforce and world-class research institutions,” she said. “We have all the right conditions to help a multilateral bank succeed. This is an opportunity to bring the world to Toronto, create thousands of jobs and demonstrate Toronto’s leadership on the world stage.”
International connectivity also features prominently in the pitch. Toronto Pearson International Airport offers direct flights to nearly 200 destinations, providing access to major financial and political centres in the United States, Europe and Asia. The city is home to 107 consulates and residents who speak more than 190 languages, a level of cultural and diplomatic fluency proponents say is well suited to a global institution serving allied nations.
Federal Liberal MP Julie Dzerowicz framed the bid within Canada’s broader NATO commitments. “This is a transformational opportunity that sits at the intersection of Canada’s commitment to our NATO allies and our proven strength in global finance,” she said, noting that RBC is already a founding institutional partner of the DSRB. “With the federal government’s commitment to invest five per cent of GDP in defence and security by 2035, hosting the DSRB would ensure those investments create thousands of good jobs right here in Ontario while demonstrating that Canada is ready to lead, not just participate, in the defence of our alliance.”
The final decision on the bank’s headquarters has yet to be made, but Ontario officials say they are presenting a “serious proposal” designed to maximize economic benefits while reinforcing Canada’s role in global defence and security financing.
