(OTTAWA) Canada’s banking regulator said Wednesday that the Canadian branch of Silicon Valley Bank is being restructured to allow it to continue operating in the country.
The Office of the Superintendent of Financial Institutions (OSFI) says it has taken permanent control of the bankrupt bank’s Canadian assets and will transfer them to a new “full-service bridge bank” created by the company. United States Federal Deposit Insurance Corporation.
Financial Institutions Superintendent Peter Routledge said he took the steps in coordination with U.S. officials to serve the interests of the branch’s creditors.
OSFI said PriceWaterhouseCoopers would oversee the transition now that the Ontario Superior Court of Justice has issued an order winding up SVB’s Canadian assets.
U.S. regulators shut down the California bank on Friday after its depositors withdrew billions of dollars amid fears surrounding its finances.
As of the end of January, filings show Silicon Valley Bank’s Canadian operations had total assets of $855.3 million, including $415.8 million in loans and $416.5 million in deposits with regulated financial institutions.