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Canada

Banking regulator takes permanent control of Silicon Valley Bank's Canadian assets

Author: Editors Desk Source: CBC News:
March 15, 2023 at 15:18
Regulator took temporary control on Sunday

 


The Superintendent of Financial Institutions took additional action to protect creditors of the Silicon Valley Bank (SVB) Canadian branch by taking permanent control of its assets, a statement said on Wednesday.

The statement also said the Ontario Superior Court of Justice had granted a winding-up order that would begin "an orderly, court-supervised process" to restructure the Canadian branch, following the creation of the Silicon Valley Bridge Bank.

The superintendent took temporary control of the assets held by SVB's Canadian branch after U.S. regulators shut down the Santa Clara, Calif.,-based bank last week.

The SVB collapse was the second-biggest bank failure in U.S. history.

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