A note is written on a glass door of a Silicon Valley Bank branch location in Pasadena, Calif., Monday, March 27, 2023. A regulatory filing shows the Canadian branch of Silicon Valley Bank is not included in First Citizens' purchase of most of the failed U.S. bank. THE CANADIAN PRESS/AP-Damian Dovarganes
A note is written on a glass door of a Silicon Valley Bank branch location in Pasadena, Calif., Monday, March 27, 2023. A regulatory filing shows the Canadian branch of Silicon Valley Bank is not included in First Citizens' purchase of most of the failed U.S. bank. THE CANADIAN PRESS/AP-Damian Dovarganes
DDTORONTO - A regulatory filing shows the Canadian branch of Silicon Valley Bank is not part in 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.
PricewaterhouseCoopers Inc., which has been appointed by the court to oversee the transition, didn't respond to a request for comment on how the sale to First Citizens, announced late Sunday, might affect the Canadian branch.
The Canadian branch of Silicon Valley Bank was especially active with startup funding in Canada's tech sector, but the assets of the bank and substantially all of its deposits were transferred to the bridge bank set up by U.S. regulators as part of efforts to keep U.S. operations running.
This report by °µÍø½ûÇø was first published March 27, 2023.
°µÍø½ûÇø. All rights reserved.
A new poll suggests most Canadians think the country is making good progress on re…
Surprising Toronto Blue Jays will likely be buyers ahead of Thursday's trade deadl…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
