Silicon Valley Bank first stepped into Canada in 2019, when the country’s banking regulator granted it a licence to lend to companies.
The abrupt failure on Friday of Silicon Valley Bank, one of the world’s most prominent technology financiers, is expected to have a limited immediate impact on the Canadian technology sector, although the repercussions will have a negative impact over the longer term, industry experts say.
will reopen on Monday and all insured depositors will have access to their insured deposits no later than Monday morning, according to a statement from the FDIC. But after four years, SVB’s performance in Canada has fallen short of that of its competitors. The Canadian subsidiary had US$692-million in total assets and US$349-million in outstanding loans as of December, according to filings with the Office of the Superintendent of Financial Institutions.
Overall, the Big Six banks have seen deposits rise in Canada as people stash cash away, while the United States has seen less money flow into deposit accounts. OSFI also requires big banks to hold extra capital as a cushion against economic downturns.
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