Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Israeli army's investigation into the rocket that fell in Haifa without warning: The Iranian missile's warhead was not detected
Israeli media: The air force's surveillance systems failed to detect the Iranian missiles, leading to a series of failures
Israeli media: The army's investigation revealed that the missile was not detected, thus no interception means were fired at it, and the sirens were not activated
Israeli media: The army's updated investigation into yesterday's Iranian missile strike on Haifa reveals a serious flaw
Anwar Gargash, advisor to the UAE president: Smotrich's insolence has reached the point of calling for Gulf, German, French, and British funding for 'Israel's' war on Iran
Colombian President: The solution starts with Netanyahu, who should stop bombing Palestine, declare a ceasefire, and stop endangering all of humanity
Colombian President Gustavo Petro: It all started with the bombing of Palestinian children and the genocide of the people of Gaza, and now we are on the verge of a world war
Iranian Army Commander from War Operations Room: Every time the United States commits a crime, it receives a decisive response, which will happen this time as well
Spain's foreign minister: I will ask EU to approve immediate suspension of trade agreement with 'Israel'
Spain's foreign minister: I will ask EU foreign minister today to say no towar and yes to diplomacy

Canadian authorities temporarily control Canadian branch of SVB

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Mar 2023 08:21
2 Min Read

Following the collapse of Silicon Valley Bank, the Canadian authorities announce the temporary seizure of its Canadian branch.

  • x
  • A sign of a branch of the Silicon Valley Bank (AP).
    A sign of a branch of the Silicon Valley Bank (AP).

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced that Canadian authorities have decided to take temporary control of the assets of the Canadian branch of the Silicon Valley Bank (SVB) following its collapse.

The OSFI said, in a statement, on Sunday, that it "moved to protect creditors by taking temporary control of the assets of the Canadian branch of Silicon Valley Bank." Moreover, the statement noted that the OSFI "intends to seek permanent control of its assets and requesting that the Attorney General of Canada apply for a Winding-Up Order."

Related News

Waterway crises put global trade in shambles, jeopardy: FT

US Journalists strike at largest newspaper group

The Canadian SVB branch, the statement explained, lends to corporate clients but does not hold commercial or individual deposits, adding that "since the onset of the bank’s difficulties," OSFI had "closely monitored Silicon Valley Bank’s Canadian branch," and then assumed "temporary control of the assets of the branch is the latest action taken by OSFI."

It is worth noting that California's Department of Financial Protection and Innovation (CDFPI) and Federal Deposit Insurance Corp (FDIC) announced on Friday the seizing of SVB's assets - worth nearly $175 billion - and relocating them to a newly established institution, the Deposit Insurance Bank of Santa Clara.

The new body will be responsible for making payments to clients with insured deposits on Monday, while the remaining assets will be auctioned to pay other depositors.

Read more: Musk 'open to the idea' of buying SVB, turning it into digital bank

  • Financial crisis
  • Canada
  • economic collapse
  • Silicon Valley bank
  • SVB

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Secretary of Iran's Supreme National Security Council Ali Shamkhani, speaks with then-Syrian Prime Minister Imad Khamis in a meeting in Tehran, Iran, Tuesday, January 17, 2017 (AP)
Politics

Iran holds the initiative after nuclear strikes, Shamkhani says

Blood stains a religious painting inside Mar Elias Church, where a suicide bomber detonated himself in al-Dwela, on the outskirts of Damascus, Syria, on Sunday, June 22, 2025 (AP)
Politics

UN, regional governments condemn Damascus church bombing

A B-2 bomber arrives at Whiteman Air Force Base Missouri, Sunday, June 22, 2025, after returning from a massive strike on Iranian nuclear sites on Saturday (AP)
Politics

Israeli media: US-Israeli strike on Iran failed to end war

China UN Ambassador Fu Cong addresses the United Nations Security Council, Monday, March 24, 2025. (AP Photo/Richard Drew)
Politics

China slam US strikes on Iran nuclear sites

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS