Canadian regulators have now moved to wind up SVB Canada’s operations after taking over temporary control of it earlier this week.

The wind-up is a court order that forces the Canadian branch of SVB into liquidation. The order was approved on Wednesday after The Office of the Superintendent of Financial Institutions Canada (OSFI) took over permanent control of SVB Canada.

The order allows for an auction process of SVB Canada to begin.

OSFI announced on March 12 it was taking temporary control of the assets of the Canadian branch of SVB following the collapse of the financial institution last week. At the time, it noted plans to seek temporary control and wind-up SVB Canada’s operations.

It had been predicted that SVB Canada, which only provides loans locally, would be bought by a third party, much like what occurred when British regulators helped broker a deal that saw HSBC acquire the assets of SVB UK for £1.

Developing…

Feature image courtesy Unsplash. Photo by Mariia Shalabaieva.

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