Canadian banking regulator the Office of the Superintendent of Financial Institutions (OSFI) announced Sunday that it plans to take control of Silicon Valley Bank branches in the country. OSFI is seeking to take permanent control of the company’s assets in Canada, and has asked the attorney general of Canada to petition for a “winding-up order of operations,” according to an Enquirer report.
The Canadian branch, which opened in 2019 and is located in Toronto, mostly loaned to corporate clients and had issued $435M CAD (or $315.33M USD) in secured loans by the end of 2022.
The OSFI joins regulators in other jurisdictions who have seized the assets of SVB including the FDIC in the U.S. and the Bank of England in the UK.
Meanwhile, the Treasury Department, FDIC, and the Federal Reserve issued a joint statement on Sunday promising that depositors with money at SVB will be made whole.
You can learn more about the ongoing situation with SVB here.