Silicon Valley Bank’s Toronto branch seized by Canada’s banking regulator amid collapse
U.S. banking regulators were forced on Friday to urgently close the California-based institution after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank, which caters heavily to tech sector firms.
In a statement released Sunday, the Office of the Superintendent of Financial Institutions said Silicon Valley Bank’s Toronto branch has been primarily lending to corporate clients, and that the branch does not hold any commercial or individual deposits in Canada.Silicon Valley Bank clients will be protected, U.S.
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