Canada’s banking regulator says it has temporarily seized assets of the Canadian branch of Silicon Valley Bank.
Fearful depositors withdrew billions of dollars from the U.S. bank in a matter of hours Friday, forcing U.S. banking regulators to urgently close the California-based institution.
The statement notes Silicon's business in Canada is primarily lending to corporate clients, and that the branch does not hold any commercial or individual deposits in Canada. "I want to be clear: the Silicon Valley Bank branch in Canada does not take deposits from Canadians, and this situation is the result of circumstances particular to Silicon Valley Bank in the United States."Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.
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