Defence and security companies in Ottawa are still supporting the city’s effort to host the headquarters of the proposed Defence, Security and Resilience Bank (DSRB), even as Ontario’s premier and others advocate for it to be located in Toronto.
This bank is envisioned as an international institution that would offer a fresh source of funding for defence-related innovations. The location has yet to be decided, and there’s no set timeline for when a decision will be made.
In December, Ontario Premier Doug Ford referred to the bank as a “once-in-a-generation opportunity that would benefit every part of the country,” emphasizing that Ontario’s capital would make a perfect host.
“Toronto’s selection as Canada’s choice will give us the best possible chance of securing these benefits for all Canadians,” Ford stated during a news conference in Toronto.
On Wednesday, representatives from Ottawa’s defence sector met at the Ottawa Board of Trade’s annual economic outlook conference at Rogers Centre, where they shared their reasons why they believe the bank should be based in the National Capital Region instead.
Amy Mac Leod, vice-president of communications at MDA Space, mentioned that the bank would seamlessly fit into Ottawa’s landscape.
“The decision-makers are here,” she noted. “The Department of National Defence and Canadian Armed Forces leadership and personnel are here, along with a vibrant tech community.”
MDA Space operates research and manufacturing facilities in Kanata. While she acknowledged that the bank wouldn’t directly fund a company like hers, Mac Leod pointed out it could help draw investment and customers into the broader ecosystem.
“Capital is a critical part of it, and a multinational bank is additive in every way,” she said.
However, before any city can be chosen as host, Canada must first secure its position as host country – which Reed indicated is competing against more than 40 others.
He added Canada’s delegation was notably large during September’s initial briefing about the bank compared to other countries’ representations; among seven global banks aligned with DSRB was Royal Bank of Canada leading early support.
“I think Canada has a really decent shot at getting the bank headquarters here,” Reed remarked.
Ottawa Mayor Mark Sutcliffe agrees too; he emphasized there’s “a very strong case for it being located in Ottawa-Gatineau.”
“We have a solid defence technology sector here; we’re home to federal government offices along with National Defence Headquarters and Canadian Forces,” he commented.
If Canada gets picked as host country, then it’s up to Prime Minister Justin Trudeau to decide which city will house this important new institution.
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Access to Capital Remains Challenging
Mitch Carkner, co-founder and COO of Dominion Dynamics, an Ottawa-based defence tech startup, highlighted that access to capital is one of the industry’s biggest challenges. “Our experience at Dominion shows it’s actually quite hard to get credit or investment as a defence company,” he explained. Carkner believes that establishing this bank could bridge that gap by broadening financing options for defence firms. He argues that Ottawa is uniquely suited to host such an institution. “We have the defence community; we have actual military leadership; we have several different defence startups,” he stated. Carkner revealed that Dominion recently raised $21 million to support its operations and plans to keep raising funds as their business expands. Kevin Reed, president of DSRB, speaks at an economic forum in Ottawa on Wednesday. (CBC)NATO Prioritizes This Bank
DSRB president Kevin Reed addressed attendees at Wednesday’s event in Ottawa. He mentioned that this initiative has recently become important within NATO priorities. “The timing for this blueprint for the bank is now,” Reed expressed. He informed those present that he was quite impressed with what Ottawa had proposed, likening its bid quality to some nations’ submissions.However, before any city can be chosen as host, Canada must first secure its position as host country – which Reed indicated is competing against more than 40 others.
He added Canada’s delegation was notably large during September’s initial briefing about the bank compared to other countries’ representations; among seven global banks aligned with DSRB was Royal Bank of Canada leading early support.
“I think Canada has a really decent shot at getting the bank headquarters here,” Reed remarked.
Ottawa Mayor Mark Sutcliffe agrees too; he emphasized there’s “a very strong case for it being located in Ottawa-Gatineau.”
“We have a solid defence technology sector here; we’re home to federal government offices along with National Defence Headquarters and Canadian Forces,” he commented.
If Canada gets picked as host country, then it’s up to Prime Minister Justin Trudeau to decide which city will house this important new institution.
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