Silicon Valley Bank operates in Canada as a foreign bank branch out of Toronto. (Photo: The Canadian Press)
Ottawa – The Superintendent of Financial Institutions Canada has temporarily taken control of the assets of Silicon Valley Bank’s Canadian branch.
He also stated his intention to assume permanent control of the institution’s assets and urged the Attorney General of Canada to seek a winding-up order.
Silicon Valley Bank, the financial institution best known for its ties to emerging global technology companies, filed for bankruptcy on Friday.
His ouster is the biggest failure by a financial institution since the collapse of Washington Mutual at the height of the 2008 financial crisis.
Although headquartered in the United States, Silicon Valley Bank operates in Canada as a foreign bank branch out of Toronto. In Canada, it primarily lends to large corporations and does not accept commercial or personal deposits.
“The Superintendent took this action to preserve the value of assets held at the branch in light of the California Department of Treasury Protection and Innovation’s decision to close Silicon Valley Bank in Santa Clara, California,” the Office of the Superintendent of Financial institutions in a press release.
– With information from The Associated Press
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