Tag: seizes

Canada\’s federal banking watchdog has taken over the Canadian operations of Silicon Valley Bank (SVB), the US tech lender, to prevent further financial risk. SVB did not hold a banking license in Canada but operated as a foreign bank branch. Regulators in the US and Britain took similar steps to combat the risk of the second-largest bank failure in American history. In early March, the California Department of Financial Protection and Innovation shut down SVB after it was unable to cover its obligations following a run on deposits. Shares in Canadian banks fell by about $20bn last week on fears of global contagion. Toronto-based AcuityAds Holdings halted trading of its shares on 10 March after it disclosed having $55m on deposit with SVB. The Office of the Superintendent of Financial Institutions said in a media release that Peter Routledge, the superintendent of financial institutions, had taken temporary control of the Canadian assets of SVB and that he intended to seek permanent control. Regulators in the US released a joint statement stating that depositors of both SVB and Signature Bank would have access to their money on 15 March.

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Canada\’s federal banking watchdog has taken over the Canadian operations of Silicon Valley Bank (SVB), the US tech lender, to prevent further financial risk. SVB did not hold a banking license in Canada but operated as a foreign bank branch. Regulators in the US and Britain took similar steps to combat the risk of the second-largest bank failure in American history. In early March, the California Department of Financial Protection and Innovation shut down SVB after it was unable to cover its obligations following a run on deposits. Shares in Canadian banks fell by about $20bn last week on fears of global contagion. Toronto-based AcuityAds Holdings halted trading of its shares on 10 March after it disclosed having $55m on deposit with SVB. The Office of the Superintendent of Financial Institutions said in a media release that Peter Routledge, the superintendent of financial institutions, had taken temporary control of the Canadian assets of SVB and that he intended to seek permanent control. Regulators in the US released a joint statement stating that depositors of both SVB and Signature Bank would have access to their money on 15 March.

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