Silicon Valley Bank to Begin Sale of Canada Loans Next Month
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The Canadian unit of Silicon Valley Bank is preparing to kick off the sale of its loan book in May and is nearly finished setting up a data room for potential buyers, according to people familiar with the matter.
SVB crumbled in early March when its capital-raising plans failed, leaving it exposed to a bank run in which depositors tried to pull out $42 billion in one day. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, took control of SVB’s local branch on March 12 and days later got a court order to wind up the operation, appointing PricewaterhouseCoopers to oversee it.