Published on 13 Mar 2023 on Financial Post via Yahoo Finance
OSFI seizes Silicon Valley Bank's Canadian assets amid global effort to stop contagion
SVB FINANCIAL GROUP-M&A_RBC
Canada’s federal banking watchdog took over the Canadian operations of tech lender Silicon Valley Bank, joining with authorities in the United States and Britain to stop the second-biggest bank failure in American history from turning into something even bigger.
The sight of regulators — especially in Washington — taking control of the situation appeared to calm nerves that were further frayed by a second U.S. bank failure over the weekend. Shares in Asia rose after U.S. Treasury Secretary Janet Yellen and Federal Reserve chair Jerome Powell said definitively on March 12 that depositors of both lenders would have access to their money on Monday morning.