Money

Canadian Regulators Move to Take Control of Silicon Valley Bank in Toronto

Published by

James Fudge

1 year ago

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.

James Fudge

With a career spanning over two decades in the esports and gaming journalism landscape, James Fudge stands as a seasoned veteran and a pivotal figure in the evolution of esports media. His journey began in 1997 at Game-Wire / Avault, where he curated gaming and community news, laying the groundwork for his expertise in the field. In his more recent roles, James cemented his status as an authority in the esports business sphere as Senior Editor Esports at Sports Business Journal and The Esports Observer between 2018 and 2021.