Canadian regulator takes control of Silicon Valley Bank's Canadian subsidiary

Canada's banking regulator took control of Silicon Valley Bank's Canadian arm on Sunday and said it would seek a legal order to wind down its operations. In a statement, the office of Canada's Financial Institutions Regulatory Authority, Peter Routledge, said Canada took the action to protect the value of assets held by the branch after U.S. regulators shut down Silicon Valley Bank. Canadian Finance Minister Chrystia Freeland spoke with bank executives and Bank of Canada officials Sunday night and said the government will continue to monitor the situation and that Canada's well-regulated banking system is sound and resilient.