Canada and eight partner countries are set to sign the charter for a new multinational defence institution on November 30, moving forward with the creation of the Defence, Security and Resilience Bank (DSRB) following the collapse of merger talks with a British defence procurement initiative. The signing ceremony will take place in Luxembourg, which will also serve as the location for the DSRB's European hub, while the bank’s headquarters will be based in Canada.

Finance Minister François-Philippe Champagne announced the details on Monday, emphasizing that establishing the DSRB marks a significant advancement toward forming a multilateral institution with a broad mandate to enhance the defence, security, and resilience capabilities of its member states. The Articles of Agreement, effectively the bank’s founding charter, will outline its mission, objectives, and operational guidelines once formalized.

The initiative aims to provide member countries with a cooperative platform to support defence and security procurement and development, strengthening collective resilience in the face of evolving global threats. Canada was selected earlier this year to host the headquarters, consolidating its role in leading this emerging international defence collaboration.

Although there were efforts to merge the DSRB with a parallel British-led defence procurement project, discussions ultimately did not yield a joint agreement, prompting member states to proceed independently. The establishment of the European hub in Luxembourg is intended to facilitate coordination and engagement with partner nations across the continent.

The formal signing of the charter on November 30 will represent a foundational step toward operationalizing the Defence, Security and Resilience Bank and advancing its goals of bolstering collective capabilities among its founding members.