Political and business leaders from across Ontario and Ottawa formally launched Toronto’s bid Wednesday to host the proposed Defence, Security and Resilience Bank, a new multilateral financial institution aimed at supporting NATO-aligned defence, security and critical-infrastructure investment.The announcement was made at the Toronto Stock Exchange, with representatives from the federal, provincial and municipal governments joined by senior figures from Canada’s banking, pension, defense and technology sectors.The proposed bank would be modeled on existing global development banks but focused specifically on defence, security and resilience financing. Supporters say it would mobilize public and private capital, accelerate procurement and provide long-term financing to defense suppliers across allied countries..Blake Hutchison, CEO of OMERS and master of ceremonies for the event, said hosting the bank in Canada would be a “game changer” for the country’s role within NATO and global defense finance.“Canada has a massive competitive advantage in finance, pension capital, manufacturing, AI and advanced technologies,” Hutchison said. “Toronto in particular has the ecosystem to support an institution of this scale from day one.”Toronto Global board chair Rod Phillips said the city’s capital markets and institutional investors make it a natural candidate.“Finance is no longer a back-office function in national security. It is a strategic capability,” Phillips said. “Hosting the Defence, Security and Resilience Bank would be transformative for Toronto, Ontario and Canada.”.Phillips said the bank could create thousands of high-paying jobs in finance, technology and security while strengthening domestic defense supply chains.He added that Toronto’s access to global markets, international connectivity and stable regulatory environment would give the institution immediate credibility.Federal Liberal MP Julie Dzerowicz, who chairs the Toronto caucus and serves as vice-president of the NATO Parliamentary Assembly, said the bank would help close a long-standing gap between defense needs and private capital.“The geopolitical landscape is shifting rapidly, and NATO allies are committing to invest 5% of GDP in defence by 2035,” Dzerowicz said. “That represents hundreds of billions of dollars, and private capital has largely been absent from defense for decades.”.Dzerowicz said hosting the bank in Toronto could create more than 3,500 direct jobs and position Canada as a global hub for defense finance alongside cities such as London and New York.Toronto Mayor Olivia Chow also endorsed the bid, calling it a “generational economic and strategic opportunity.”“Toronto is Canada’s financial capital, home to all five major banks, major pension funds and world-class universities,” Chow said. “We have the talent, the infrastructure and the international reach required for a global institution of this scale.”Ontario Finance Minister Peter Bethlenfalvy said the bid reflects a coordinated “Team Ontario” approach involving all levels of government..“With global uncertainty increasing, Ontario has a once-in-a-generation opportunity to strengthen our economy, support advanced manufacturing and reinforce Canada’s role among our allies,” Bethlenfalvy said.Premier Doug Ford said the bank would support Canada’s increased defense spending commitments while generating economic benefits across the province.“This bank is being launched at a time of global instability we haven’t seen since the Second World War,” Ford said. “It will unlock capital, speed up procurement and strengthen supply chains.”Ford said hosting the bank could generate 3,500 direct jobs and thousands more indirectly, adding that Ontario is already home to more than 300 defense companies. He said the province has begun identifying interim and permanent office space in Toronto, estimating the headquarters could require roughly 500,000 square feet..During a question-and-answer session, federal and provincial officials said final decisions on the bank’s structure and location would occur during charter negotiations expected to begin in early 2026 among an initial group of roughly a dozen anchor nations.Kevin Reed, president of the Defence, Security and Resilience Bank development group, said those negotiations will determine governance, capital structure and the location of the headquarters.“Canada is viewed very favourably by allied nations as a neutral and trusted financial partner,” Reed said. “A decision on the headquarters location is expected in the first quarter of 2026.”Toronto faces competition from other cities, including Montreal, for the Canadian bid. Federal officials said the final decision would rest with the prime minister if Canada is selected as host country.Organizers said the Toronto bid is being backed by a broad coalition of financial institutions, pension funds, defense firms, academic leaders and indigenous partners.“This is not just about Toronto,” Ford said. “It’s about positioning Canada as a leader in defence finance and strengthening our economy for decades to come.”
