Freeland Meets With Bank Regulator Head, BoC Following US Bank Collapse

A pedestrian passes a Silicon Valley Bank Private branch in San Francisco, on March 13, 2023. The Associated Press/Jeff Chiu

Finance Minister Chrystia Freeland is assuring that Canada’s financial institutions are secure after meeting with the head of Canada’s bank regulator and the Bank of Canada.

The meeting follows the closure of California-based Silicon Valley Bank by U.S. regulator on Friday, which also prompted Canada’s Office of the Superintendent of Financial Institutions (OSFI) to seize its Canadian assets on Sunday.