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National Bank reaffirms leadership in the Technology Banking space through acquisition of Silicon Valley Bank's Canadian portfolio
National Bank reaffirms leadership in the Technology Banking space through acquisition of Silicon...
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[{"type":"text","content":"\n \n \n \n National Bank reaffirms leadership in the Technology Banking space through acquisition of Silicon Valley Bank's Canadian portfolio\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Acquisition aligned with National Bank's commitment to the Canadian Tech industry\n \n \n \n \n \n \n Accelerates growth of the Technology and Innovation Banking group across\n \n Canada\n \n \n \n Excellent fit with National Bank's track-record with entrepreneurs and entrepreneurial culture\n \n \n Support for dynamic Canadian technology-based companies that drive innovation\n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Aug. 1, 2023\n \n \n /CNW/ - National Bank (the \"Bank\") announced today that it has entered into an agreement to acquire the commercial loan portfolio of Silicon Valley Bank's Canadian branch.\n \n \n \n \n \n \n \n \n \n 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\n \n CAD 1 billion\n \n in loan commitments of which around\n \n CAD 325 million\n \n are outstanding. The assets will be integrated into National Bank's Technology and Innovation Banking Group, under the leadership of\n \n Tuyen Vo\n \n , Head of this group since 2019.\n \n \n For over 25 years, the Bank has been supporting companies and investors in the tech sector. Through a team of dedicated experts, the Bank offers full-service banking and tailored advice on venture-lending products, growth and M&A financing, treasury and foreign exchange management, investment banking advisory and private management services, as well as direct investments in fintechs via its corporate venture capital arm.\n \n \n \"With this acquisition and following years of high growth by the Technology and Innovation Banking Group, the Bank strengthens its presence in the tech industry across\n \n Canada\n \n ,\" said\n \n Michael Denham\n \n , Ex...