Finance
National Bank Grows Tech Book With SVB’s Canadian Portfolio
- Assets to be integrated into technology and innovation group
- National still ‘best fit’ for Laurentian Bank deal: Veritas
This article is for subscribers only.
National Bank of Canada’s deal for Silicon Valley Bank’s Canadian commercial loan portfolio will give it more exposure to higher growth industries and still leave the Montreal-based lender with enough capital to take a run at Laurentian Bank, according to analysts.
Canada’s sixth-largest lender agreed to buy the SVB Canadian commercial loan portfolio from First Citizens Bank on Tuesday. The loan book is comprised of approximately C$1 billion ($752 million) in loan commitments of which around C$325 million are outstanding and are in the technology, life science and global fund banking sectors, according to a statement.