Toronto officials from all three levels of government are urging Ottawa to select the city as the headquarters for the proposed Defence, Security and Resilience Bank, arguing the region offers the financial infrastructure, workforce and global connectivity needed to support the institution.Speaking at a press conference Friday, Toronto Global chair Rod Phillips said hosting the bank would strengthen Canada’s ability to compete internationally and position the country as a credible financial partner amid growing geopolitical uncertainty.“The question is whether Canada secures this institution by putting forward the strongest, most market-ready case from day one,” Phillips said. “Toronto provides that platform.”.The Defence, Security and Resilience Bank is a proposed multilateral institution intended to mobilize public and private capital to finance defence, security and resilience projects among allied countries. Canada is seeking to host the bank, with multiple cities reportedly expressing interest.Kevin Reed, president and chief operating officer of the Defence, Security and Resilience Bank development group, said charter negotiations with participating “anchor nations” are expected to begin this quarter and will include a decision on the host city.Reed described Canada as a trusted financial jurisdiction and said interest in hosting the bank has emerged nationwide. “This is one of the few initiatives that has been broadly non-partisan,” he said, adding that a final decision is expected during the current quarter..Federal Liberal MP Julie Dzerowicz, chair of the Toronto caucus, said Toronto’s financial sector makes it Canada’s strongest candidate. She pointed to the concentration of major banks, pension funds, institutional investors and regulators, as well as the city’s global connections.“Banks need capital markets, global connectivity and trust,” Dzerowicz said. “Toronto has all three.”Dzerowicz emphasized that the final decision rests with Prime Minister Mark Carney and cabinet, but said the role of Toronto MPs was to present a compelling case. She also linked the proposed bank to Canada’s broader defence commitments, including plans to increase defence spending in the coming decade..Ontario ministers echoed the case for Toronto, highlighting the province’s post-secondary institutions, technology sector and resource base.Colleges and Universities Minister Nolan Quinn said Toronto produces tens of thousands of graduates annually from colleges and universities, including five of Canada’s top ten business schools. He also cited Ontario’s growing technology workforce and recent provincial investments in science and engineering programs.Energy and Mines Minister Steven Lecce pointed to Ontario’s role in nuclear power, critical minerals and manufacturing, arguing the province has assets essential to defence supply chains. “Canada punches above its weight,” Lecce said, adding that geopolitical shifts have underscored the importance of stable allies..Finance Minister Peter Bethlenfalvy said Ontario is prepared to support the bank as a long-term partner and argued Toronto offers credibility, market expertise and global reach. He said hosting the bank could support thousands of high-skilled jobs across finance, technology and defence sectors.During the question-and-answer period, reporters asked about the timeline for a decision and which other Canadian cities are being considered. Bethlenfalvy said Ontario has communicated its position to the prime minister, while Reed confirmed that the host city decision would be part of ongoing charter negotiations.Questions later shifted to provincial issues, including hospital funding, post-secondary finances and housing construction. Bethlenfalvy defended the province’s health-care and education spending, while acknowledging fiscal pressures and the impact of federal policy changes on colleges and universities.No formal timeline has been announced by Ottawa, but officials indicated a decision on the bank’s host city could be made before the end of the current quarter.
