SVB did not have a banking licence in Canada but operated as a foreign bank branch. The regulator says it is protecting creditors.
“Today, the Superintendent of Financial Institutions moved to protect creditors by taking temporary control of the assets of the Canadian branch of Silicon Valley Bank, as well as issuing notice that he intends to seek permanent control of its assets and requesting that the Attorney General of Canada apply for a Winding-Up Order,” the Office of the Superintendent of Financial Institutions said in a media release March 12.
On Sunday, U.S. regulators were reportedly seeking bids from parties interested in taking over the bank and preparing plans that would allow depositors to access their funds starting on Monday.
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