Silicon Valley Bank’s Toronto branch seized by Canada’s banking regulator amid collapse
Global News
U.S. banking regulators were forced on Friday to urgently close Silicon Valley Bank after billions of dollars were withdrawn by fearful depositors.
Canada’s banking regulator has temporarily seized the assets of Silicon Valley Bank’s lone Canadian branch after the financial institution collapsed.
U.S. banking regulators were forced on Friday to urgently close the California-based institution after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank that caters heavily to tech sector firms.
There are now fears other banks could face similar difficulties, with U.S. President Joe Biden set to address the failure on Monday morning.
In a statement released Sunday, the Office of the Superintendent of Financial Institutions (OSFI) said Silicon Valley Bank’s Toronto branch has been primarily lending to corporate clients, and that the branch does not hold any commercial or individual deposits in Canada.
Superintendent Peter Routledge said in the release that he has has also given notice of an intention to seek permanent control of the Canadian branch’s assets, and is requesting the Attorney General of Canada apply for a winding-up order.
By taking temporary control, OSFI is acting to protect the rights and interests of the branch’s creditors, Routledge added.
“I want to be clear: the Silicon Valley Bank branch in Canada does not take deposits from Canadians, and this situation is the result of circumstances particular to Silicon Valley Bank in the United States,” he said.
Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry’s best-known brands. It is one of the biggest bank failures in U.S. history.
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