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The Superintendent of Financial Institutions took additional measures to protect the creditors of Silicon Valley Bank’s Canadian branch by taking permanent control of its assets, a statement said Wednesday.
The regulator took temporary control on Sunday
The Superintendent of Financial Institutions took additional measures to protect the creditors of Silicon Valley Bank (SVB) Canadian branch by taking permanent control of its assets, a statement said Wednesday.
The statement also said an Ontario Superior Court justice issued an order that would begin a “court-supervised process” to restructure the Canadian branch, following the creation of Silicon Valley Bridge Bank.
The superintendent took temporary control of the assets held by SVB’s Canadian branch after US regulators shut down the Santa Clara, Calif.-based bank last week.
The collapse of SVB was the second largest bank failure in US history.
With files from The Associated Press and CBC News
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