Canadian regulators take over Silicon Valley Bank's Canadian subsidiary

ChainCatcher news, Canadian banking regulators took control of Silicon Valley Bank's branch in Canada on Sunday and stated that they would seek a legal order to cease its operations. The office of Peter Routledge, head of the Canadian Financial Institutions Regulatory Authority, said in a statement that this action was taken to protect the value of the assets held by the branch after U.S. regulators closed Silicon Valley Bank.

It is reported that some mainstream banks in Canada have seen a loss of $19.7 billion in value due to the ripple effects of Silicon Valley Bank. (Reuters)