January 23,2026
RED FM News Desk
Ontario and the City of Toronto have launched a detailed bid to host the new Defence, Security and Resilience Bank (DSRB), arguing the city is Canada’s strongest candidate to secure international backing. Even though the federal government hasn’t made a decision yet, the province and the City of Toronto are still moving ahead with efforts to put forward the most competitive bid possible for review by the allied nations that make up the bank’s membership.
The province says Toronto’s global financial strength, skilled workforce, strong defence manufacturing base and international connectivity make it ideally suited to host the bank. Ontario is also prepared to support the DSRB as a potential equity partner and help provide interim and permanent headquarters.
Leaders including Finance Minister Peter Bethlenfalvy and Mayor Olivia Chow are urging the federal government to formally back Toronto.
“Simply put, Toronto offers Canada the best chance of securing global backing to host the DSRB and to welcome all the benefits that hosting the DSRB would bring to the entire country. We’re ready to pitch Toronto and Canada to our allies: Now it’s time for the federal government to join us by making Toronto Canada’s choice.” said Peter Bethlenfalvy, Minister of Finance.
The DSRB is expected to create up to 3,500 well paid direct jobs and many more indirect positions.
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