National Bank of Canada reached an agreement on August 1 to acquire the commercial loan portfolio of the Canadian branch of Silicon Valley Bank. The loan portfolio includes approximately C$1 billion in loan commitments, of which approximately C$325 million is outstanding.
The assets will be merged into National Bank of Canada's Technology and Innovation Banking Group and the transaction is expected to close in the next few weeks, the company said.
According to the Canadian Broadcasting Corporation, the Canadian government issued a statement on March 15 stating that the financial regulator has taken additional measures to permanently control the assets of the Canadian branch of Silicon Valley Bank to protect the bank's creditors. In addition, the Canadian government has issued a winding-up order against the bank.
