OTTAWA — Canada’s banking regulator says in light of the decision by the California Department of Financial Protection and Innovation to shut down Silicon…
U.S. banking regulators were forced to urgently close the California-based institution on Friday after billions of dollars were withdrawn by fearful depositors.
It notes Silicon’s business in Canada is primarily lending to corporate clients, and that the branch does not hold any commercial or individual deposits in Canada. Routledge says by taking temporary control, the OSFI is acting to protect the rights and interests of the branch’s creditors. Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry’s best-known brands.
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