Canada opens race to host new Defence, Security and Resilience Bank headquarters; cities have until December 3 to apply

Canada's Department of Finance announced on Friday (November 13) that it has launched a selection process to choose the Canadian city that will host the global headquarters of the new multilateral Defence, Security and Resilience Bank (DSRB). Qualified municipalities must submit their application packages by 23:59 Pacific Time on December 3, 2026.

Defence Investment Agency chief to lead the review

The process will be led by Doug Guzman, chief executive officer of Canada's Defence Investment Agency, who will review applications and submit a shortlist to the Minister of Finance and the Prime Minister. Finance Minister François-Philippe Champagne said hosting the headquarters is an opportunity for a Canadian municipality to be at the centre of a new institution supporting collective security, attracting international talent, investment and specialised financial expertise, and helping Canadian businesses take part in allied defence supply chains.

What the new bank will do

The DSRB is a new multilateral financial institution designed to unlock long-term public and private financing to help expand defence industrial production and build more resilient supply chains. The Finance Department said the bank will address financing gaps faced by governments and defence companies, and, through sound banking principles and strong financial backing from participating countries, will seek a AAA credit rating to expand access to long-term financing, reduce financing costs and mobilise commercial investment.

From Montreal talks to a NATO summit declaration

The bank has been months in the making: its Articles of Agreement were negotiated in Montreal in April, and in July, at the NATO Summit, Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye and Ukraine declared their shared intention to establish it. The Finance Department said membership will remain open to other allies and close partners.