What Does Silicon Valley Bank’s Collapse Mean for Canadians? Mar 24th

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The collapse of Silicon Valley Bank, or SVB, earlier this month has been sending shockwaves throughout North America’s tech and banking industries. The lender, based in Santa Clara, Calif., had clients that included start-ups like HR and payment firm Rippling and major tech companies like Roku. It folded in March due to a bank run, making it the second-largest failure of a financial institution in U.S. history. 

California regulators closed SVB on March 10 after the bank’s stock plummeted by 60 per cent in a single day, handing control over to the Federal Deposit Insurance Corporation (FDIC). The FDIC said all insured depositors will have full access to their funds, but the bank’s failure is causing anxiety north of the border with companies concerned that something similar could happen in Canada.

Here’s what you need to know about SVB’s collapse and what it means for Canada’s tech and banking sectors.   

What caused SVB’s collapse?

The bank’s shutdown was triggered by a combination of rising interest rates, panicked clients and, reportedly, poor oversight and risky behaviour by the lender’s executive team…

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