Canada’s financial watchdog took permanent control of tech startup financier Silicon Valley Bank’s Canadian assets on Wednesday. Read more.
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An Ontario court also approved a winding up order that will allow the Superintendent of Financial Institutions, through a court-monitored process, to transition SVB’s Canadian operations to a “bridge bank” created by the U.S. Federal Deposit Insurance Corporation.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
PriceWaterhouseCooper Inc. has been appointed by the court to oversee the transition. Once the court order was granted, OSFI no longer had an active role in the resolution, the regulator said.Article contentof the Santa Clara-based bank’s assets on a temporary basis on March 12 to protect creditors from the fallout of the second-largest bank failure in U.S. history.
A similar process unfolded the last time OSFI seized the Canadian assets of a struggling bank in 2016 when it took control of German-based Maple Bank GmbH. That episode was triggered when Germany shut down the German parent following fraud allegations.
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