An independent regulator associated with the Canadian government moved on Sunday to seize temporary control of Silicon Valley Bank in Canada, taking over in the wake of the collapse of the institution’s flagship in the United States. In its statement, the Office of the Superintendent of Financial Institutions also said it had issued notice that it intends to seek permanent control of SVB’s assets, and had asked Canada’s attorney general to apply for a winding-up order. “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,” said Peter Routleged, the superintendent of financial institutions. The move comes as the American government issued its own statement on Sunday, promising to step in to insulate SVB’s depositors, promising them access “to all of their money” by Monday.
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