Toronto Business Leaders call on Ottawa to locate Defence, Security and Resilience Bank in Toronto
Open letter from Toronto's business and academic leaders calls on federal decision-makers to select Toronto as the lead city for Canada's bid
TORONTO, Jan. 29, 2026 /CNW/ - Toronto Global today released an open letter in the Globe and Mail from Toronto's business and academic leadership calling on the Government of Canada to secure the headquarters of the new Defence, Security and Resilience Bank (DSRB) for Canada, and to anchor Canada's bid in Toronto.
The letter is directed to federal decision-makers in Ottawa who will determine which Canadian city will lead Canada's bid in a competitive international process. The signatories argue that Canada should move decisively and present a clear, unified national case, anchored in the city best positioned to deliver credibility with allied partners and global capital markets from day one.
The letter calls for a "national hub model," a Toronto-headquartered institution supported by specialized centres of expertise across the country, as a practical way to ensure the DSRB delivers benefits coast-to-coast while remaining anchored where Canada's capital markets are deepest.
"Headquartering the DSRB here would accelerate defence and security investment, strengthen supply chains, and deliver thousands of high‑skilled jobs."- Rod Phillips, Chair, Toronto Global
"This is about putting Canada in the strongest possible position to lead. Global institutions of this scale are headquartered in global financial centres. For Canada, that means Toronto."- Stephen Lund, CEO, Toronto Global
Broad support across Toronto's economy and institutions
The open letter is signed by dozens of leaders across finance, technology, infrastructure, aviation, transportation, academia, and innovation, including senior executives and institutional leaders from major pension funds, capital markets, universities, and research institutions.
Signatories include leaders such as John McKenzie (TMX Group), Blake Hutcheson (OMERS), Tony Staffieri (Rogers Communications), Jo Taylor (Ontario Teachers' Pension Plan), Philip Witherington (Manulife), Glenda Crisp (Vector Institute), Melanie Woodin (University of Toronto), Mohamed Lachemi (Toronto Metropolitan University) and others.
Why Toronto
The signatories make the case that Toronto is uniquely positioned to serve as Canada's anchor platform for the DSRB because it combines:
- Capital markets depth and institutional capacity needed for sovereign-grade financing and complex risk management;
- Global connectivity to partner governments, investors, and institutions;
- A growing defence and dual‑use innovation ecosystem, including strengths in AI, cyber security, aerospace, advanced manufacturing, and emerging technologies; and
- The ability to launch quickly and credibly in a security environment where speed and scale are decisive.
About Toronto Global
Toronto Global brings world-class international investment to the Greater Toronto Area to create jobs and strengthen the economy. Toronto Global proactively pursues global companies and supports every stage of their journey, from first outreach to final decision, to grow the Toronto Region's economy.
SOURCE Toronto Global
Media contact: Erika Lewis, [email protected] 416-271-2641
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