The assets of Silicon Valley Bank’s Canadian branch have been temporarily seized by Canada’s banking regulator after the bank\’s collapse last week. US banking regulators were forced to close the bank after large sums were withdrawn by worried depositors, which has raised concerns about other banks that cater to the technology sector companies. The Office of the Superintendent of Financial Institutions (OSFI) said on Sunday that Silicon Valley Bank’s Toronto branch primarily lends to corporate clients, and does not hold any commercial or individual deposits in Canada. Chris Freeland, Deputy Prime Minister and Finance Minister, released a statement saying that after speaking with Canada\’s financial sector leaders and the Bank of Canada, she believed that the country’s “well-regulated banking system is sound and resilient\”. Silicon Valley Bank is seen as one of the biggest bank failures in US history. Meanwhile, regulators moved swiftly to shut the New York-based Signature Bank over the weekend, while smaller banks remained under pressure.
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