​OSFI takes permanent control of SVB's Canadian branch assets - BNN Bloomberg

France Nouvelles Nouvelles

​OSFI takes permanent control of SVB's Canadian branch assets - BNN Bloomberg
France Dernières Nouvelles,France Actualités
  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 66 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 50%

The Office of the Superintendent of Financial Institutions announced it's taking permanent control of Silicon Valley Bank's Canadian assets in order to protect creditors, according to a press release.

In an announcement on Wednesday, OSFI said the process is intended to “facilitate an orderly transition of the Canadian branch of Silicon Valley Bank to the [U.S. Federal Deposit Insurance Corporation] Bridge Bank.”

“The winding up order under section 10.1 of the Winding-up and Restructuring Act begins an orderly, court-supervised process to restructure the branch as a result of the newly created, full-service U.S. Federal Deposit Insurance Corporation “bridge bank” – Silicon Valley Bridge Bank, N.A. – in a way that best serves the interests of its creditors and will ] operations of the Silicon Valley Bank to continue in Canada,” it said in the release.became the largest U.S. lender to fail in a decade.

Superintendent of Financial Institutions Peter Routledge said this additional action will “affect an orderly transition of the Canadian branch of Silicon Valley Bank to the FDIC bridge bank.” “I am satisfied that this approach, developed with officials in the United States, is in the best interest of the branch’s creditors,” Routledge said in the release.of Silicon Valley Bank’s Canadian branch on Sunday, saying it would help “preserve the value of the assets held at the branch in light of the decision by the California Department of Financial Protection and Innovation to shut down Silicon Valley Bank located in Santa Clara, California.

OSFI said the bank’s Canadian business is mainly focused on lending to corporate clients and “does not hold any commercial or individual deposits.”

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

BNNBloomberg /  🏆 83. in CA

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Rainbow board names new superintendent of businessRainbow board names new superintendent of businessGuilbault comes to the school board from Milman Industries Group of Companies
Lire la suite »

Banking regulator takes permanent control of Silicon Valley Bank's Canadian assets | CBC NewsBanking regulator takes permanent control of Silicon Valley Bank's Canadian assets | CBC NewsBREAKING: The Superintendent of Financial Institutions took additional action to protect creditors of the Silicon Valley Bank's Canadian branch by taking permanent control of its assets, a statement said on Wednesday.
Lire la suite »

Style Q&A: Canadian swim brand aims to add a little personality to poolside styleStyle Q&A: Canadian swim brand aims to add a little personality to poolside styleThe search for swimwear just got a little bit cuter — and more eco\u002Dconscious — thanks to a new Canadian brand called Patti Jane Swim.
Lire la suite »

Canadian industry singing praises of Inflation Reduction Act as federal budget nearsCanadian industry singing praises of Inflation Reduction Act as federal budget nearsCALGARY — Canadian oil and gas companies are singing from the same songbook in the lead\u002Dup to the 2023 federal budget, and its title is the Inflation Reduction…
Lire la suite »

Who is Brendan Fraser, the first Canadian to win the Oscar for Best Actor?Who is Brendan Fraser, the first Canadian to win the Oscar for Best Actor?Brendan Fraser made Academy Award history Sunday night, becoming the first Canadian to receive an Oscar for Best Actor. Fraser, a dual citizen of the U.S. and Canada, earned the Academy Award for his acclaimed performance in 'The Whale.'
Lire la suite »

Style Q&A: Canadian swim brand aims to add a little personality to poolside styleStyle Q&A: Canadian swim brand aims to add a little personality to poolside styleThe search for swimwear just got a little bit cuter — and more eco\u002Dconscious — thanks to a new Canadian brand called Patti Jane Swim.
Lire la suite »



Render Time: 2025-03-21 23:55:41