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Banking regulator takes permanent control of Silicon Valley Bank's Canadian assets

Regulator took temporary control on Sunday

 

The Superintendent of Financial Institutions took additional action to protect creditors of the Silicon Valley Bank (SVB) Canadian branch by taking permanent control of its assets, a statement said on Wednesday.

The statement also said the Ontario Superior Court of Justice had granted a winding-up order that would begin "an orderly, court-supervised process" to restructure the Canadian branch, following the creation of the Silicon Valley Bridge Bank.

The superintendent took temporary control of the assets held by SVB's Canadian branch after U.S. regulators shut down the Santa Clara, Calif.,-based bank last week.

The SVB collapse was the second-biggest bank failure in U.S. history.

Author: Editors Desk

Source: CBC News:

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