2023-08-01 13:43:08
National Bank acquires the commercial loan portfolio of the Canadian branch of Silicon Valley Bank (SVB).
“The portfolio is made up of approximately CA$1 billion in loan commitments including approximately CA$325 million in drawn loans,” National Bank said in a press release Tuesday morning.
Technologies, life sciences, banking services, the Quebec financial institution is grabbing hold of the strategic portfolios of the SBV specializing in young companies.
“We are optimistic regarding the future of technology companies and this acquisition is proof of that,” explained Michael Denham, Senior Executive Vice-President, Enterprises and Private Wealth Management at National Bank.
Closing is expected in the coming weeks with approval by the Ontario Superior Court of Justice, in respect of the proceedings of Silicon Valley Bank, which is under the Winding-up and Restructuring Act.
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