National Bank reaffirms leadership in the Technology Banking space through acquisition of Silicon Valley Bank's Canadian portfolio
August 28, 2023
On August 1, 2023, National Bank (the "Bank") announced that it has entered into an agreement to acquire the commercial loan portfolio of Silicon Valley Bank’s Canadian branch.
Under the terms of the agreement, the Bank will acquire a portfolio in the Technology, Life Science and Global Fund Banking sectors, further diversifying its commercial loan portfolio across Canada. The portfolio is comprised of approximately C$1 billion in loan commitments of which around C$325 million are outstanding. The assets will be integrated into National Bank’s Technology and Innovation Banking Group, under the leadership of Tuyen Vo, Head of this group since 2019.
Closing is expected in the coming weeks and is subject to customary closing conditions, including approval by the Ontario Superior Court of Justice supervising the proceedings of Silicon Valley Bank under the Winding Up and Restructuring Act (Canada).
McCarthy Tétrault advised National Bank of Canada with a team led by Patrick Boucher, Fraser Bourne, and Richard O'Doherty that included Ana Badour, Richard Higa, Francois Dupuis, Jean-Jerry Anty, Shauvik Shah (Financial Services/Regulatory), Charles Morgan, Veronique Wattiez Larose (Technology), Jocelyn Perreault, Gabriel Faure, Geoff Hall, Heather Meredith, Saneea Tanvir (Bankruptcy), Dominic Thérien, Kate McNeece (Competition), Javeria Qureshi, Annie Poirier-Simard, Vincent Leduc (Corporate), Christian Meighen, Marie-Soleil Landry, and Etienne Laplante (Tax).