National Bank of Canada is set to acquire the Canadian branch of Silicon Valley Bank’s commercial loan portfolio.
The Montreal-based bank will gain a $1 billion loan commitments portfolio, with $325 million outstanding.
The portfolio mainly focuses on the technology, life science, and global fund banking sectors, and will be integrated into National Bank’s technology and innovation banking group.
The deal is subject to closing conditions and approval by the Ontario Superior Court, which is overseeing the wind up of Silicon Valley Bank in Canada.
The deal is expected to be finalized in the coming weeks and is not anticipated to significantly impact National Bank’s results.
Silicon Valley Bank, a popular financial firm among startups, experienced a collapse earlier this year when clients withdrew billions of dollars due to concerns about the company’s solvency.
© 2023 The Canadian Press
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
