Regulator says it made the move to protect creditors and is looking to wind down operations after bank’s sudden collapse
Canada’s banking regulator took control of Silicon Valley Bank’s domestic operations on Sunday, as governments, along with tech sector CEOs, spent the weekend scrambling to limit the impact of a leading global technology financer’s sudden collapse.
U.S. regulators shut down SVB on Friday, freezing US$175-billion in deposits, after customers withdrew billions last week on solvency concerns at a 40-year-old lender that dominates the innovation economy. The largest U.S. bank failure since the 2008 global financial crisis left clients scrambling for the money needed to pay employees this week, while U.S. regulators attempted to contain the damage.
In Canada, OSFI officials said they have been closely monitoring SVB since the bank first reported significant losses last week, and announced plans to raise US$2-billion in new capital. News of financing triggered a run on the bank that led to its failure.
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