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.
(Sponsored)
New dean of uOttawa’s Faculty of Engineering brings a history of entrepreneurship and innovation
Caroline Cao has been impressed by many aspects of uOttawa’s Faculty of Engineering since being appointed dean in August. But it was after the faculty’s recent Design Day – a
Desjardins Elevator Pitch Competition drives entrepreneurial energy at uOttawa
In uOttawa’s Desjardins Elevator Pitch Competition, a single team member stands before the judges, pitching for three minutes, fielding questions for five. There are no decks, notes, props or prototypes
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.
