Canada’s banking regulator says it has temporarily seized assets of the Canadian branch of Silicon Valley BankSilicon Valley
Fearful depositors withdrew billions of dollars from the U.S. bank in a matter of hours Friday, forcing U.S. banking regulators to urgently close the California-based institution.
In a statement, Canada’s Office of the Superintendent of Financial Institutions says the bank operates in this country as a foreign bank branch based in Toronto, which it supervises.
It says Superintendent Peter Routledge seized the Canadian assets to preserve their value in light of the decision by the California Department of Financial Protection and Innovation to shut the bank down….