Canada’s banking regulator seized control of SVB Financial Group’s branch in the country and said it will seek a legal order to wind up the operation.
Peter Routledge, the country’s financial superintendent, “took this action to preserve the value of the assets held at the branch in light of the decision by the California Department of Financial Protection and Innovation to shut down Silicon Valley Bank,” his office said in a statement Sunday evening.
“By taking temporary control of the Canadian branch of Silicon Valley Bank, we are acting to protect the rights and interests of the branch’s creditors,” Routledge said in a statement. “I want to be clear: the Silicon Valley Bank branch in Canada does not take deposits from Canadians, and this situation is the result of circumstances particular to Silicon Valley Bank in the United States.”
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