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The Canadian branch of Silicon Valley Bank is controlled by Ottawa

The Canadian branch of Silicon Valley Bank is controlled by Ottawa

The Office of the Superintendent of Financial Institutions (OSFI) now exercises “temporary control” over the assets of the Canadian branch of Silicon Valley Bank, after closing the US headquarters.

The Canadian financial regulator has also asked Canada’s attorney general to “seek a liquidation order”.

Silicon Valley Bank is headquartered in the United States and operates in Canada as a foreign bank branch outside of Toronto. In Canada, it mainly provides loans to large companies.

“The supervisor took this action to preserve the value of the assets held at the branch in light of the California Department of Financial Protection and Innovation’s decision to close the Silicon Valley bank located in Santa Clara, Calif. The FDIC is designated to close,” OSFI said in a statement released Sunday. United State.

OSFI says it has been closely monitoring the activities of the Canadian branch since Silicon Valley Bank began experiencing difficulties.

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