Fallout from Silicon Valley Bank\u0027s demise could complicate life for Canadian banks with operations in the U.S. Read more.
While the risk of direct contagion to the Canadian banking system appeared minimal, National Bank of Canada analyst Gabriel Dechaine flagged some potential sore spots Canadian banks, especially those with major recent acquisitions in the U.S., could face in the wake of SVB’s collapse.
He added that further declines in the loan and deposit balances at Bank of the West, which were already below BMO’s initial expectations at the time the deal closed earlier this month, could prompt the bank to revise its forecasts again.Article contentmore interesting. TD has indicated that it does not expect to achieve regulatory approval by the proposed May 27 closing date and is trying to negotiate another extension. There has been speculation it might try to reduce its offer.
RBC, meanwhile, has had a growing stake in the California market since its acquisition of City National Bank in 2015. Dechaine’s concerns with RBC’s California footprint were somewhat assuaged by the fact that the state represents only seven to eight per cent of RBC’s total lending.Article content Exposure to the U.S. regional banking market in general was another risk flagged by Dechaine. San Francisco-based First Republic Bank saw its shares fell by over 75 per cent in earlyamid fears that some smaller banks could be vulnerable if depositors became nervous and started to withdraw funds.
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