Canadian banking regulator

It is reported that the Canadian banking regulator took over the Canadian branch of SVB Financial Group on Sunday and said it would seek legal order to end its operation. The office of Peter Routledge, director of the Canadian Financial Institutions Regulatory Authority, said in a statement that after the US regulator closed the parent bank in California, Canada took this action to protect the value of the assets held by the branch. Canadian Finance Minister Chrystia Freeland talked with bank executives and officials of the Bank of Canada on Sunday evening, and said that the government would continue to pay attention to the situation. Canada’s well-regulated banking system is sound and flexible. Regulators take over SVB Canada subsidiary and seek liquidation Analysis based on this information:The Canadian banking regulator has taken over the Canadian branch of SVB Financial Group and is seeking a legal order to put an end to its operations. This move comes after the US regulator…