Ontario Chamber Calls for Transparent Selection Process for Global Defence Bank Headquarters

(TORONTO — May 19, 2026) — Following Canada’s success in securing the headquarters of the new multilateral Defence, Security and Resilience Bank (DSRB), the Ontario Chamber of Commerce (OCC) is calling on the federal government to release clear, transparent criteria and timelines to guide the selection of the Canadian host city.

“We commend Prime Minister Carney and the federal government for bringing this global financial institution to Canada – and call on them to choose the host city in a way that reflects Canadian values,” said Daniel Tisch, President and CEO of the Ontario Chamber of Commerce. “With several of Canada’s great global cities putting forward bids, the federal government must establish a fair, transparent and merit-based selection process that earns trust and confidence from both Canadians and international investors.”

The OCC is calling for a publicly disclosed selection framework based on objective criteria, as transparency and speed are critical amid rising geopolitical uncertainty, as allied countries accelerate investments in defence and economic resilience.

“In establishing the criteria, there are obvious priorities,” Tisch said. “The host city needs the financial depth, global talent, economic base, innovation ecosystem and connectivity to the country and the world. That will help the bank attract capital, scale quickly, and deliver results from day one.”

Toronto has emerged as a leading contender, backed by the Government of Ontario and a coalition of business, financial, manufacturing, and academic leaders. As North America’s second-largest financial centre, Toronto offers a globally connected ecosystem aligned with the bank’s mandate, including financial institutions, pension funds, advanced manufacturers, research institutions, and internationally connected talent.

“No matter what location is chosen, the outcome will be more easily and widely accepted if the process is transparent,” Tisch concluded. “And then we can get on with making this new financial institution a win for Canada – and our international allies.”

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About the Ontario Chamber of Commerce

The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC convenes, mobilizes, and empowers business and local chambers in pursuit of its purpose: to bring inclusive and sustainable prosperity to Ontario’s businesses, workers, and communities.

For more information, please contact:

Andrea Carmona
Director of Public Affairs
Ontario Chamber of Commerce
andreacarmona@occ.ca | Mobile: 647 234 0255