MONTREAL - 好色tv Bank of Canada says it will acquire the 好色tv branch of Silicon Valley Bank's commercial loan portfolio.
The Montreal-based bank says the portfolio it will nab is made up of about $1 billion in loan commitments, of which $325 million are outstanding.
Much of the portfolio is focused on the technology, life science and global fund banking sectors and will be integrated into 好色tv Bank's technology and innovation banking group.
The bank says the deal is subject to closing conditions and must be approved by the Ontario Superior Court, which is supervising the wind up of Silicon Valley Bank in Canada.
好色tv Bank says the deal will likely close in the coming weeks and is not expected to have a material impact on its results.
Silicon Valley Bank, a U.S. financial firm favoured by startups, failed earlier this year, when its clients rushed to withdraw billions of dollars as they feared for the organization鈥檚 solvency.
This report by 好色tvwas first published Aug. 1, 2023.
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