Premier David Eby says British Columbia’s largest city should be the global headquarters of a new multinational bank designed to finance defence-related projects for members of the North Atlantic Treaty Organization (NATO).
The proposed Defence, Security and Resilience Bank (DSRB) would provide improved access to stable, low-cost financing for military projects among NATO member countries and their allies.
“Vancouver is the perfect place to establish the headquarters of this new bank,” Eby said in a statement Monday, pledging his government’s support for a private sector-led bid to host the bank.
“B.C. has what the world needs, as well as major ports and strong relationships with NATO nations and allied partners,” the premier added. “As the economic engine of the new Canadian economy, we are ready to seize the economic and strategic advantages in hosting a global institution of this scale.”
Canada is not the only country vying to host the bank, with a final decision on the host nation expected in the coming weeks.
‘The world has changed’
Montreal, Toronto and Ottawa have also submitted bids for the institution, with varying levels of public and private sector support. But Eby told reporters at a news conference Monday that Vancouver is the “obvious” and “strategic” choice.
“We know that Canada is a leading contender to host this new bank,” the premier said at the facilities of local shipbuilder Seaspan.
“Within this country, British Columbia and Vancouver represent the future of the Canadian economy. We will be the economic engine of this amazing place we call home, and part of that will be hosting multilateral institutions.”
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The B.C. government says the bank would bring approximately 3,500 high-paying jobs in research, finance and analysis to the province.
“British Columbians understand that our national security and defence capabilities matter now more than ever,” B.C. Jobs Minister Ravi Kahlon said, calling Vancouver’s bid an “important step” towards expanding Canada’s defence industry.
“The world has changed,” Eby said, responding to a question about the likelihood that Vancouver would be chosen over rival cities in Eastern Canada. “The centre of Canada—in terms of the new multilateral, global relationships that our country has or is seeking to develop—is no longer centered on Ottawa or Toronto.”
The Greater Vancouver Board of Trade joined the province in supporting the city’s bid, with the board’s president and CEO calling Vancouver “a secure, world-class environment that naturally attracts global talent.”
“Vancouver is ready to support the bank on day one with a fully prepared home for the DSRB and secure, scalable infrastructure backed by all levels of government,” Bridgitte Anderson said in a statement on behalf of the board Monday.
“These conditions will allow the bank to focus on delivering outcomes, rather than building capacity, while benefiting from a stable, rules-based environment trusted by global partners,” she added.
The board of trade statement touted Vancouver as Canada’s “tri-continental bridge” connecting Europe with the Arctic and Indo-Pacific regions.
As part of Vancouver’s public bid package, Mayor Ken Sim says the city is already home to “deep financial, legal, digital and cybersecurity expertise” with secure and transit-connected options for a headquarters “available immediately.”
The Vancouver bid is led by the Pacific Security Bank Bid Committee, a collection of local business leaders with support from a variety of enterprises and institutions.
The committee includes Stephen Kukucha, a board member with the Vancouver-based defence tech company Juno Industries, who says Vancouver is a “natural fit” to host the bank.
“There is a deeply rooted ethos shared by Vancouver and the DSRB,” Kukucha said in a statement to CTV News. “Situating it here would not only enable Canada’s West Coast advantage, but also position Vancouver as a global conduit, offering the opportunity to deepen ties with NATO members and allies in an unparalleled way.”
The Defence, Security and Resilience Bank is expected to be established by the end of 2026. Eby said a decision about which country will host the bank could be made as early as the end next month, with a decision about the chosen city to follow later in the year.
