Canada’s banking regulator says the Canadian branch of Silicon Valley Bank is being restructured in a way that will allow it to continue operations in the country.
The Office of the Superintendent of Financial Institutions says it has taken permanent control of the failed bank’s Canadian assets and they will be transitioned to a new “bridge bank” created by the U.S. Federal Deposit Insurance Corporation.
Superintendent of Financial Institutions Peter Routledge says he took the actions in coordination with U.S. officials in the best interest of the branch’s creditors.
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OFSI says PriceWaterhouseCooper Inc. will oversee the transition after the Ontario Superior Court of Justice issued a winding-up order on SVB’s Canadian assets.
U.S. regulators closed the California-based bank on Friday after depositors withdrew billions of dollars from it on fears over its finances.
As of the end of January, filings show Silicon Valley Bank’s Canadian operations had total assets of $855.3 million, including $415.8 million in loans and $416.5 million in deposits with regulated financial institutions.
