'By taking temporary control of the Canadian branch of Silicon Valley Bank, we are acting to protect the rights and interests of the branch's creditors,' the superintendent of financial institutions said in a statement.
Canada's top banking regulator takes temporary control of Silicon Valley Bank's Canadian branch
Superintendent of Financial Institutions Peter Routledge also issued a notice declaring he will seek permanent control of the assets and request Canada's attorney general apply for an order to wind down the company. A worker tells people that the Silicon Valley Bank headquarters in Santa Clara, Calif., is closed on Friday.
U.S. regulators had worked all weekend to try and come up with a buyer for the bank. Those efforts appeared to have failed as of Sunday.On Sunday, the U.S. government took extraordinary steps to stop the potential banking crisis, assuring depositors at the SVB that they would be able to access all of their money quickly.
The U.S. Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation said Sunday that all Silicon Valley Bank clients will be protected and have access to their funds and announced steps designed to protect the bank's customers and prevent more bank runs.
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