National Bank of Canada said on Tuesday it has agreed to buy collapsed U.S. regional lender Silicon Valley Bank's Canadian commercial loan portfolio, as the smallest of Canada's top six lenders looks to expand its footprint in the tech sector and diversify its loan book.
The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photosaid on Tuesday it has agreed to buy collapsed U.S. regional lender Silicon Valley Bank's Canadian commercial loan portfolio, as the smallest of Canada's top six lenders looks to expand its footprint in the tech sector and diversify its loan book.
National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. "This increases our scale. And with scale comes more new opportunities," Denham added. "... This give us access to other high quality, very interesting Canadian tech companies."
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