Ontario Premier Doug Ford declared Tuesday that Toronto is "the only city in Canada that can truly provide everything the bank needs" to serve as headquarters for a new international defence bank.
The multinational Defence, Security and Resilience Bank (DSRB) was confirmed last month to be hosted in Canada. The financial institution, modelled in part on the World Bank, will provide NATO members and allies with "long-term, low-cost financing for defence, security and resilience initiatives," according to federal officials.
Ford made the pitch during a Tuesday morning appearance at Toronto Metropolitan University, while Toronto Mayor Olivia Chow echoed the message that day, stating: "Toronto is where Canada's financial leadership lives. We are ready to welcome this institution to our city".
As many as 3,500 direct jobs are at stake in the competition. Four Canadian cities—Montreal, Ottawa, Toronto and Vancouver—have submitted bids to host the bank, with the federal government set to make the final decision.
Ontario leaders highlighted Toronto's concentration of bank headquarters, universities, STEM graduates, and prominent law and accounting firms as competitive advantages. Chow and other speakers stressed that "the stock exchange is here. The bond rating agencies are here," underscoring the city's financial infrastructure.
