JP Morgan, Commerzbank and ING to Back European Defense Bank

JP Morgan Chase & Co, Commerzbank AG and ING Group NV are among the banks to give their backing to a new Europe-wide bank designed to boost security spending across the region, according to the development group guiding its creation.

The banking heavyweights, which also include RBC Capital Markets and Landesbank Baden-Württemberg, are endorsing the Defense, Security and Resilience Bank (DSRB), which is hoping to raise £100 billion ($132.9 billion) to turbocharge rearmament and counter threats, development group chief executive Rob Murray said Thursday.