VRD Monday, March 13, 2023

Special Edition

Mar 13, 2023

∙ Paid

Summary

In the news, how many people knew that Silicon Valley Bank had an office in Vancouver? Probably not many because as Vancouver Tech Journal points out, the startup/scaleup lender’s Vancouver office only provided venture debt - not regular banking services. However, as Monday marks the start of a week(s?) of fallout from SVB’s collapse, the B.C. tech and innovation space will be extremely nervous…at best. The Canadian arm of the California-based bank has now been taken over by federal bank regulators in a move said to be mainly for protecting the bank’s creditors. Still, SVB did/does provide capital to the Canadian offices of many American tech companies. Meanwhile, the scope of the impact on tech stocks and global markets remains to be seen. It’s going to be an interesting week.

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