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Canadian banking regulator seizes Silicon Valley Bank’s Toronto branch amid collapse

Silicon Valley Bank’s Toronto branch has been seized by Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI). This comes after the California-based bank’s announcement that it was unable to meet its capital requirements due to the collapse of its parent company, SVB Financial. The bank has been ordered to cease operations in Canada, and all banking operations are now in the hands of a court appointed receiver. Customers of the bank are being advised to contact the receiver for information on how to access their accounts.