Today National Bank revealed plans to acquire Silicon Valley Bank’s (SVB) Canadian branch’s commercial loan portfolio. The agreement covers sectors like Technology, Life Science, and Global Fund Banking, expanding the bank’s commercial loan diversity in Canada.
The portfolio contains around $1 billion in loan commitments, with $325 million still outstanding. Tuyen Vo, the head of National Bank’s Technology and Innovation Banking Group since 2019, will oversee the integration of these assets into the group.
Michael Denham, EVP of Commercial and Private Banking at National Bank, stated the acquisition strengthens their presence in Canada’s tech industry.
The closing, expected in the coming weeks, is subject to Ontario Superior Court of Justice approval under the Winding-up and Restructuring Act.
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