The Defence, Security and Resilience Bank (DSRB) Development Group today announced the appointment of Søren Elbech and Matthew Westerman to its Board, strengthening the institution’s financial and capital markets leadership as it advances toward formal establishment.

Søren Elbech brings unique multilateral banking expertise to the DSRB Board. Since September 2023, Elbech serves as Chief Risk Officer of Inter-American Development Bank. Prior, Elbech was Managing Director, Global Head of Supranational Institutions at JPMorgan and, in 2019, co-developed what since evolved into DSRB. Moreover, as the first Treasurer of the Asian Infrastructure Investment Bank (AIIB), in 2016-19 he was responsible for building its treasury function from the ground up and achieving AAA credit ratings from all leading rating agencies. Elbech’s experience in establishing the financial architecture of a new multilateral bank is shared by only a handful of individuals globally, making his contribution to the DSRB both rare and indispensable.

Matthew Westerman, one of the City of London’s most accomplished investment bankers, also joins the Board. With senior leadership roles at Goldman Sachs and HSBC, Westerman has advised governments and corporations worldwide, executing landmark transactions across global capital markets. His track record in guiding complex financing strategies will be pivotal as the DSRB develops the instruments needed to mobilize private capital at scale.

Rob Murray, CEO and Board member of the DSR Bank Development Group:

“The addition of Søren and Matthew represents an extraordinary deepening of our financial leadership. With Søren, I co-developed the original blueprint for what is now DSRB. Søren’s unparalleled insight and experience from both building a multilateral bank as well as working in management of established ones, combined with Matthew’s decades of investment banking expertise, equips the DSRB Development Group with the rare mix of skills required to stand up a world-class institution capable of mobilising capital for nations defence, security, and resilience needs.”

The DSRB Development Group is bringing together allied governments, commercial banks, and international institutions to establish a AAA-rated bank that can provide sovereign lending, guarantees, and supplier financing to strengthen shared security and resilience. With Elbech and Westerman joining its Board, the Development Group enters the next phase of its preparations with reinforced financial credibility and execution capability.

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