Canadian branch not included in sale of Silicon Valley Bank to First Citizens

A regulatory filing shows the Canadian branch of Silicon Valley Bank is not part of First Citizens' purchase of most of the failed U.S. bank.

The U.S. 8-K filing shows that the Canadian, German and Hong Kong branches of Silicon Valley Bank will instead be available as an option for First Citizens to purchase.

Canada's banking regulator moved to seize the Canadian assets of Silicon Valley Branch as the parent bank collapsed, then secured a winding-up order that's designed in part to assist with a potential transition of the Canadian branch operations.

The wind-up order granted by the Ontario Superior Court of Justice also provide the framework for a future liquidation if no other option is possible.