Toronto Global Reiterates Call for Transparent, Merit-Based Process to Select DSRB Host City

With momentum building behind a fair selection framework, Toronto Global urges Ottawa to publish clear criteria and a defined timeline.

TORONTO, May 21, 2026 /CNW/ - Toronto Global today reiterated its call for the Government of Canada to launch a transparent, merit-based process, with publicly disclosed criteria and a clear timeline, to select the Canadian host city for the headquarters of the new Defence, Security and Resilience Bank (DSRB).

Canada was selected on May 1 by approximately forty NATO and allied Indo-Pacific governments to host the DSRB, a new multilateral institution modelled on the World Bank. The bank is expected to create more than 3,500 high-skilled jobs in the host city and will provide long-term, low-cost financing for defence procurement, industrial expansion, and infrastructure resilience across allied nations.

The call for a transparent process is gaining broader support. On May 19, the Ontario Chamber of Commerce joined Toronto Global in urging the federal government to release clear, objective criteria to guide the host city decision. OCC President and CEO Daniel Tisch noted that, "the host city needs the financial depth, global talent, economic base, innovation ecosystem and connectivity to the country and the world." Earlier this year, an open letter published in the Globe and Mail and signed by leaders of TMX Group, OMERS, Rogers Communications, Ontario Teachers' Pension Plan, Manulife, Vector Institute, the University of Toronto and others made the same case in favour of Toronto as Canada's strongest bid.

"This decision will be watched closely by allied partners, by international investors, and by the bond markets the DSRB will rely on from day one," said Stephen Lund, President and CEO of Toronto Global. "A transparent process with published criteria is how Canada signals to the world that this institution will be run on its merits. It protects the credibility of the bank, it protects the credibility of the host city, and it gives every bidder a fair shot. Run the process, publish the criteria, and we are confident Toronto will be the answer."

Toronto's case rests on the fundamentals a multilateral bank of this scale requires on day one. The city is the second-largest financial centre in North America, home to Canada's five major banks and forty foreign banks, with the country's deepest capital markets, largest financial services workforce, and most globally connected transportation and consular networks. The bid is backed by Premier Doug Ford, Ontario Minister of Finance Peter Bethlenfalvy, Toronto MP Julie Dzerowicz, Toronto Mayor Olivia Chow, Toronto Global Chair Hon. Rod Phillips, and a broad coalition of business, financial, manufacturing, and academic leaders.

When the European Bank for Reconstruction and Development was established in 1991, London was selected because it had the financial depth, regulatory architecture, and concentration of institutional capital the new bank needed to function from the outset. That decision shaped what the EBRD became and has never seriously been revisited. Toronto Global believes Canada has the opportunity to apply the same logic in selecting the DSRB's permanent home.

"No matter which city is ultimately selected, the outcome will land better with Canadians, with allied governments, and with the markets if the process that got us there is one everyone can see," Lund added.

About Toronto Global

Toronto Global brings world-class international investment to the Greater Toronto Area to create jobs and strengthen the economy. We do it by proactively pursuing global companies and supporting every stage of their journey, from first outreach to final decision.

SOURCE Toronto Global

Media contact: Erika Lewis, [email protected], 416-271-2641