Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday.
“Depositors will have access to all of their money starting Monday, March 13,” the U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corp said in a statement. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” the statement said.
Canadian fallout
A Canadian banking regulator on Sunday said it was taking temporary control of Silicon Valley Bank’s (SIVB.O) unit in the country, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world.
The Office of the Superintendent of Financial Institutions (OSFI) said it is seeking to gain permanent control of the Canadian branch’s assets, adding that it is asking the attorney general of Canada to petition for a winding-up order of operations.
“By taking temporary control of the Canadian branch of Silicon Valley Bank, we are acting to protect the rights and interests of the branch’s creditors,” Peter Routledge, the superintendent of financial institutions, said in a statement.
OFSI said the U.S.-headquartered bank has operated in Canada since 2019 as a foreign bank branch based in Toronto. Its business in Canada is primarily lending to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.
What is Silicon Valley Bank?
Silicon Valley Bank is a unique financial institution that focuses on supporting innovators, entrepreneurs and other pioneers in the technology industry. It offers banking services and capital for companies of all sizes throughout the world, with special focus on startups in areas such as software and life sciences.
SVB believes in taking risks with new ideas and provides valuable advice, guidance and mentorship to their customers along with access to an extensive global platform of networks.
With experienced teams of financiers, SVB helps make it easier for their clients to navigate complex markets overseas.
This commitment to long-term partnerships with tech-forward companies has helped make Silicon Valley Bank the go-to choice for tech investors everywhere.
