On March 15, 2023, the Canadian Office of the Superintendent of Financial Institutions (“OSFI”) took permanent control of Silicon Valley Bank’s Canadian branch.
The Ontario Superior Court of Justice granted a winding up order under the Winding-up and Restructuring Act to restructure the branch to allow operations to continue in Canada under a court-supervised process. The process is intended to facilitate an orderly transition of the Canadian branch of Silicon Valley Bank to the FDIC Bridge Bank. More information can be found here.