A ºÃÉ«tv Bank sign is seen May 30, 2016 in Montreal. ºÃÉ«tv Bank says it will acquire the ºÃÉ«tv branch of Silicon Valley Bank's commercial loan portfolio.THE CANADIAN PRESS/Paul Chiasson
A ºÃÉ«tv Bank sign is seen May 30, 2016 in Montreal. ºÃÉ«tv Bank says it will acquire the ºÃÉ«tv branch of Silicon Valley Bank's commercial loan portfolio.THE CANADIAN PRESS/Paul Chiasson
MONTREAL - ºÃÉ«tv Bank of Canada says it will acquire the ºÃÉ«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 ºÃÉ«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.
ºÃÉ«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’s solvency.
This report by ºÃÉ«tvwas first published Aug. 1, 2023.
