Canadian regulator seizes assets of Toronto branch of Silicon Valley Bank

The superintendent has also given notice of an intention to seek permanent control of the Canadian branch’s assets and is requesting the Attorney General of Canada apply for a winding-up order.

“I want to be clear: the Silicon Valley Bank branch in Canada does not take deposits from Canadians, and this situation is the result of circumstances particular to Silicon Valley Bank in the United States.”Advertisement 4Silicon Valley Bank served mostly technology workers and venture capital-backed companies, including some of the industry’s best-known brands.

U.S. Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

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