Silicon Valley Bank (SVB) has sent aftershocks through the global financial system and Canada is not immune from the impacts.The Toronto-based branch of the startup-focused financial institution was temporarily seized by Canada’s banking regulator on Sunday night as Finance Minister Chrystia Freeland echoed her American counterparts in calling for calm in the face of market uncertainty and fears of contagion spreading to banks north of the border.
Read more: Silicon Valley Bank collapse: How the financial institution fell into ruin Experts who spoke to Global News on Monday said that most Canadians can be confident in the country’s banking system, but fallout from SVB’s collapse could be more substantial in some parts of the economy.Here’s what to know.U.S.
regulators were forced on Friday to urgently close California-based SVB after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank.
Silvergate Capital, which was known for its cryptocurrency-friendly operations, also shut down voluntarily late last week and Sunday saw U.S.