3 months Ago
It will be a non-commercial institution, as modelled on the European Investment Bank (EIB). Additionally, although serving a tactical security purpose, ING also sees the initiative as an opportunity to exploit its position in defence-related financing further, provided that bank-set social and environmental criteria are met.
Participating Banks and Goals
The founding group also consists of ING, Commerzbank, JPMorgan Chase, Landesbank Baden-Württemberg and RBC Capital Markets. This will be further extended to more banks in the coming days. Capital is critical in the defence sector, as Rob Murray (former head of innovation at NATO; current CEO of the DSRB Development Group) underlined, stating matter-of-factly that if deterrence requires money, then you are going to need tubs of it. This shortfall is being met by the establishment of a DSRB that will serve NATO allies' security goals.
Next Steps and Investor Interest
The project has gained political tailwinds, thanks to the European Parliament passing a resolution urging member states to back the formation of DSRB. Official negotiations on the blueprint are due to take place in early September. In the next few weeks, big investors are expected to declare their backing, boosting the bank's growth ambitions.
