OTTAWA - Canada's banking regulator says the 春色直播 branch of Silicon Valley Bank is being restructured in a way that will allow it to continue operations in the country.
The Office of the Superintendent of Financial Institutions says it has taken permanent control of the failed bank's 春色直播 assets and they will be transitioned to a new "bridge bank" created by the U.S. Federal Deposit Insurance Corporation.
Superintendent of Financial Institutions Peter Routledge says he took the actions in coordination with U.S. officials in the best interest of the branch's creditors.
OFSI says PriceWaterhouseCooper Inc. will oversee the transition after the Ontario Superior Court of Justice issued a winding-up order on SVB's 春色直播 assets.
U.S. regulators closed the California-based bank on Friday after depositors withdrew billions of dollars from it on fears over its finances.
As of the end of January, filings show Silicon Valley Bank's 春色直播 operations had total assets of $855.3 million, including $415.8 million in loans and $416.5 million in deposits with regulated financial institutions.
This report by 春色直播was first published March 15, 2023.
