U.S. banking regulators were forced to urgently close the California-based institution on Friday after billions of dollars were withdrawn by fearful depositors.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Superintendent Peter Routledge 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.Article content He stresses 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.
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