Canada’s banking regulator has temporarily seized the assets of Silicon Valley Bank’s lone Canadian branch after the financial institution collapsed.
U.S. banking regulators were forced on Friday to urgently close the California-based institution after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank, which caters heavily to tech sector firms.
Read more: Silicon Valley Bank clients will be protected, U.S. government bodies vow There are now fears other banks could face similar difficulties, but U.S.
President Joe Biden stressed Monday morning that Americans can have confidence in the U.S. banking system. “Americans can have confidence that the banking system is safe.