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.
OBJ360 (Sponsored)
![Ottawa business growth survey with Welch LLP](https://assets.obj.ca/2024/07/WBGS-2024_1280x720_Promote-report-300x169.jpg)
Ottawa’s growth is at an inflection point
One thing the Welch LLP Business Growth Survey taught us this year is most of the business community thinks we’re on track, but have a ways to go.
![uOttawa Faculty of Engineering](https://assets.obj.ca/2024/06/Engineering-20240624_114812_0000-300x169.jpg)
uOttawa’s Faculty of Engineering is filling skill gaps in the tech industry
University of Ottawa’s Faculty of Engineering has been preparing for this moment for years, proactively adapting its curriculum to meet the evolving demands of the technology sector and the Ottawa
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.