OSFI takes permanent control of SVB's Canadian branch assets
BNN Bloomberg
The Office of the Superintendent of Financial Institutions announced it's taking permanent control of Silicon Valley Bank's Canadian assets in order to protect creditors, according to a press release.
Additionally, the Ontario Superior Court of Justice granted a winding-up order.
In an announcement on Wednesday, OSFI said the process is intended to “facilitate an orderly transition of the Canadian branch of Silicon Valley Bank to the [U.S. Federal Deposit Insurance Corporation] Bridge Bank.”
“The winding up order under section 10.1 of the Winding-up and Restructuring Act begins an orderly, court-supervised process to restructure the branch as a result of the newly created, full-service U.S. Federal Deposit Insurance Corporation (FDIC) “bridge bank” – Silicon Valley Bridge Bank, N.A. – in a way that best serves the interests of its creditors and will ] operations of the Silicon Valley Bank to continue in Canada,” it said in the release.
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