Canadian Regulator Takes Control of Silicon Valley Bank’s Canadian Branch
Initiates Process to Transition the Branch to Operate as a Branch of Silicon Valley Bridge Bank
March 15, 2023
Initiates Process to Transition the Branch to Operate as a Branch of Silicon Valley Bridge Bank
March 15, 2023
On March 15, 2023, the Canadian Office of the Superintendent of Financial Institutions (“OSFI”) took permanent control of Silicon Valley Bank’s Canadian branch.
The Ontario Superior Court of Justice granted a winding up order under the Winding-up and Restructuring Act to restructure the branch to allow operations to continue in Canada under a court-supervised process. The process is intended to facilitate an orderly transition of the Canadian branch of Silicon Valley Bank to the FDIC Bridge Bank. More information can be found here.