SVB Collapse

Regulator Takes Control of SVB’s Canada Unit, Seeking Windup

Finance minister meets with banks as SVB woes roil market
‘It’s a very shocking outcome,’ fintech CEO Graham says

Tribe Capital Co-Founder Arjun Sethi joins Caroline Hyde and Ed Ludlow to discuss the fallout from the collapse of Silicon Valley Bank and why, like other Venture firms, Tribe Capital advised its portfolio companies to move some, if not all, of their balances from SVB.Source: Bloomberg

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By Mathieu Dion

March 12, 2023 at 10:31 PM UTC

Updated on

March 13, 2023 at 1:09 AM UTC

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Canada’s banking regulator seized control of SVB Financial Group’s branch in the country Sunday and said it will seek a legal order to wind up the operation.

Peter Routledge, the country’s financial superintendent, “took this action to preserve the value of the assets held at the branch” after US regulators shut down the California-based parent bank on Friday, his office said in a statement.