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Planned defence bank to be headquartered in Canada: report

  • The Canadian Press

  • Canadian Press

  • April 29, 2026

Ontario Premier Doug Ford speaks at a press conference on the City of Toronto's bid to be Canada's choice for the Defence, Security and Resilience Bank in Toronto on Wednesday, Dec. 17, 2025. THE CANADIAN PRESS/Nathan Denette

OTTAWA -- Canada has been selected to host a multinational bank to provide financing for defence projects by NATO members and allies.

The Globe and Mail newspaper first reported the decision following the end of multinational negotiations earlier today which were hosted in Montreal.

A source with direct knowledge confirmed the decision for but added that there's still a lot to discuss and sort through - and cautioned there's still a world in which it doesn't happen.

Toronto, Ottawa, Vancouver and Montreal are all competing to have the Defence, Security and Resilience Bank located in their jurisdictions.

Canada's Big Six banks have all put their support behind the proposed international defence financing vehicle, which would be aimed at lowering borrowing costs for military spending.

The Canadian Chamber of Commerce applauded the news, saying the defence industry is a major economic driver and will become a growing force as it attracts more investment.

This report by was first published April 29, 2026.