OTTAWA — Ontario Premier Doug Ford is pitching Toronto as the best place to host a new global bank for defence spending.

The Defence, Security and Resilience Bank is a new multilateral initiative by democratic countries.

The Ontario government says Toronto is a hub for financial services and is home to all five major Canadian banks and dozens of foreign banks.

It’s also pointing to Toronto’s defence and tech industries, tech workforce and research institutions, and more than 100 consulates.

The Ontario government says while the federal government will be the one to put forward Canada’s bid, Toronto’s only serious competition is Montreal.

The provincial government says more than 170 industry partners are showing up in person today to back its bid, compared to 70 stakeholders in Montreal.

This report by The Canadian Press was first published Dec. 17, 2025.

Anja Karadeglija, The Canadian Press