As regulators move to address the stunning collapse of Silicon Valley Bank, analysts say there is limited fallout risk for the Canadian financial sector.
"Not only should the failure of 1/8Silicon Valley Bank 3/8 not have significant negative implications for our banks, but this crisis should actually be viewed as further vindication of the Canadian banking model," said Scotiabank analyst Meny Grauman in a client note Monday, highlighting the stability of Canada's diversified major banks.
"This situation is the result of circumstances particular to Silicon Valley Bank in the United States," said Superintendent of Financial Institutions Peter Routledge in a statement. "The reality is that both the largest U.S. banks and the Canadian and 1/8Latin American 3/8 banks we cover have much less significant securities holdings on a relative basis."
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OSFI seizes control of Silicon Valley Bank's Canadian assetsSVB did not have a banking licence in Canada but operated as a foreign bank branch. The regulator says it is protecting creditors.
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OSFI seizes control of Silicon Valley Bank's Canadian assetsSVB did not have a banking licence in Canada but operated as a foreign bank branch. The regulator says it is protecting creditors.
Lire la suite »