Canada is among the leading candidates to host the headquarters of a new multinational financial institution designed to support defence, security, and resilience projects — a significant shift for a sector long avoided by most Canadian financial institutions.
The proposed Defence, Security and Resilience Bank (DSRB) is being created by a coalition of NATO partners and Indo-Pacific allies. If headquartered in Canada, the bank could bring about 3,500 specialized defence-finance jobs and position the country as the central meeting point for member nations, according to Kevin Reed, president of the bank’s development group.
“This is Canada’s time to lead in defence finance,” Reed told MPs before the federal industry and technology committee. He argued that Canada’s reputation for financial stability and international cooperation makes it an ideal host.
The concept for the DSRB was developed last year by Rob Murray, head of the bank’s development group and the architect behind NATO’s Defence Innovation Accelerator and Innovation Fund.
The DSRB is expected to launch by the end of 2026 with up to 40 member countries, including 12 “anchor nations” responsible for ratifying its charter and choosing the headquarters location. Those anchor nations are now being finalized, and industry leaders are urging Ottawa to formally express interest.
Glenn Cowan, founder of defence-focused venture capital firm ONE9, says Canada previously missed a major opportunity by not joining NATO’s multibillion-dollar Innovation Fund.
“That was a huge missed opportunity,” Cowan said. “The question now is: do we want to miss out again?”
Multilateral development banks of this scale are uncommon. The last major examples — the New Development Bank and the Asian Infrastructure Investment Bank — were founded a decade ago. Like those institutions, the DSRB aims to pool capital to address global challenges. In this case, the focus is on rising geopolitical tensions and increased defence spending worldwide.
Several major financial institutions have already agreed to help establish the DSRB, including RBC, JPMorgan Chase, ING, Commerzbank, and Landesbank Baden-Württemberg.
Supporters argue that securing the headquarters would position Canada as a central node in global defence financing at a moment when democratic allies are accelerating investments in military and security capabilities.
