Ontario Premier Doug Ford is positioning Toronto as the ideal host for a multinational defence financing institution, saying the city alone possesses the infrastructure and expertise required. Toronto, Montreal, Ottawa and Vancouver are all competing to host the Defence, Security and Resilience Bank, which is set to provide financing for defence projects by NATO members and allies.
Ford made his pitch at a news conference on May 12, 2026, after being asked to respond to allegations that Toronto officials have been lobbying for their city by raising the threat of a potential Quebec sovereignty referendum. The premier said he does not believe in attacking other cities' bids and emphasized his affection for Montreal, including offering a "Go Habs!" cheer for the city's hockey team.
In making Toronto's case, Ford highlighted the city's financial credentials: access to one of North America's largest financial hubs, the headquarters of Canada's five largest banks, numerous major pension funds, and offices of several international banks. "There's only one city in Canada that can truly provide everything the bank needs, and that city is Toronto," Ford stated.
A Quebec financial sector group and several provincial politicians have been lobbying for Montreal, touting the city's strong financial industry and the presence of dozens of international organizations. Ford countered that the federal government must select a host city capable of helping the bank "hit the ground running" with a world-class workforce, banking expertise, defence manufacturing capabilities, and global connections.
Ontario has already identified a temporary location for the bank and will assist in locating a permanent home, Ford said. However, the premier noted he has not received clarity from Ottawa regarding the criteria that will guide the selection process.
