Toronto has formally entered the competition to become the home for a major new international financial institution focused on defence and security, a move that could bring as many as 3,500 high-value jobs to the Greater Toronto Area. The bid was launched on Wednesday, December 17, 2025, positioning Toronto against four other Canadian contenders: Ottawa, Vancouver, Montreal, and Halifax.
A High-Stakes Competition for a Global Institution
The coveted prize is the headquarters of the Defence, Security and Resilience Bank (DSRB), a new multilateral bank set to be established by the end of 2026. The DSRB will serve 40 member countries, including NATO nations and their allies in the Indo-Pacific region, focusing on financing defence and security infrastructure and innovation.
At a high-profile launch event held at the TMX Market Centre, Ontario's Finance Minister, Peter Bethlenfalvy, made a forceful case for Toronto. He was joined by Premier Doug Ford, Toronto Mayor Olivia Chow, Federal Liberal Toronto Caucus Chair Julie Dzerowicz, and key industry partners.
"This would be great for Canada but it absolutely should be in Toronto," Minister Bethlenfalvy declared. He emphasized the city's unmatched economic fundamentals, stating, "We're the financial capital of Canada. We have the deepest talent pool, the biggest and most stable and strong capital market capability in all of Canada."
Toronto's Strategic Advantages for the DSRB
The Ontario government's pitch hinges on a comprehensive set of advantages that align with the bank's operational needs:
Deep Talent and Industrial Base: Bethlenfalvy highlighted that Toronto possesses the critical mass of professionals—from accountants and risk managers to IT and legal experts—required by such an institution. He also noted that 30% of Canada's defence sector jobs are already in Ontario, supported by a network of about 900 defence organizations in fields like aerospace, artificial intelligence, cybersecurity, and quantum technologies.
Logistical and Cultural Hub: The bid underscores Toronto Pearson International Airport's connectivity, with flights to 200 destinations, placing the city within hours of global financial and political centres. Ontario's hosting of over 107 consular missions and the fact that 190 languages are spoken locally were presented as evidence of its multicultural, globally connected fabric.
Infrastructure Ready: While specific locations were not disclosed, Bethlenfalvy confirmed that multiple "first-rate" sites in Toronto could accommodate the DSRB's estimated need for 500,000 square feet of office space.
Broader Implications for Canada's Role
Beyond local job creation, securing the DSRB headquarters is framed as a strategic win for Canada's international standing. The bid leverages Canada's reputation for political stability, robust regulatory frameworks, and its geographic position. The involvement and global profile of figures like Prime Minister Mark Carney are also seen as assets in the international lobbying effort.
"Given the deep talent pool and the manufacturing and tech capabilities that we have here in Toronto and Ontario, it would lift everybody," Bethlenfalvy said, framing the potential win as an economic tide that would raise all boats across the region and the country's defence and tech sectors.
The coming months will see intense advocacy as the five Canadian cities make their final cases. The decision, expected well ahead of the bank's operational launch in late 2026, represents a significant opportunity to anchor a new pillar of the global security architecture in Canada's largest city.
