Canadian regulatory authorities announced their temporary control over the Silicon Valley Bank (SVB) branch in Toronto in order to protect the rights and interests of the branch's creditors in an attempt to limit the repercussions of the bank's collapse on startups,

The Office of the Superintendent of Financial Institutions (OSFI) explained that it seeks permanent control over the assets of the Canadian branch, adding that it has requested a petition from the Canadian Attorney General for an order to liquidate operations.

The American SVB bank has been operating in Canada since 2019 as a foreign bank branch based in Toronto. Its business activity primarily involves lending to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.