At least three of Canada’s largest banks are soliciting Silicon Valley Bank clients
As things stand, Canada’s banks do not appear to have much interest in buying SVB’s Canadian unit, which was only licensed in Canada to issue loans, not take deposits. Instead, the banks are more interested in picking off desirable clients, rather than acquiring large swaths of SVB’s loan book.seems to be comfortable with that approach.
“I don’t think they want to be out there aggressively promoting it, but we certainly appreciated the heads up they’re open for business and ready to move quickly on these opportunities.” Mr. Wertz said he had introduced two portfolio companies with SVB exposure to RBC. The Canadian banks seem more interested in individual SVB loans and clients, rather than the whole bank, but The Globe has learned that RBC was one of several banks that looked at buying all of SVB last weekend, according to a source with knowledge of the bank’s interests. RBC held discussions and looked into SVB’s loan book, but ultimately couldn’t see a way to make the deal work, and talks did not advance, the source said.
SVB operates in multiple countries and each has its own approach to banks closing. In Britain, regulators took over SVB’s domestic subsidiary on Friday, and by Monday, London-based HSBC Holdings PLC had finalized its deal to buy the subsidiary for £1. The tight turnaround left little time for extensive due diligence.
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