OTTAWA ─ February 10, 2016 ─ Office of the Superintendent of Financial Institutions
The Superintendent of Financial Institutions moved today to protect depositors and creditors of the Canadian branch of Maple Bank GmbH by taking temporary control of the assets of the branch. Maple Bank is headquartered in Germany; it maintains a foreign bank branch in Toronto that is supervised by the Office of the Superintendent of Financial Institutions (OSFI).
The Superintendent took this action to preserve the value of the assets held at the branch in light of the decision of the German prudential regulator to close the bank for business with customers.
- Maple Bank operates in Canada as a foreign bank branch based in Toronto that is regulated by OSFI.
- OSFI granted Maple Bank an Order to Commence and Carry on Business as a foreign bank branch on April 30, 2001.
- The primary businesses of Maple Bank’s Toronto branch are securitization, securities financing and structured secured wholesale lending.
- Maple Bank’s Toronto branch has a small number of wholesale deposits. Maple Bank is not a member of the Canada Deposit Insurance Corporation and therefore its deposits are not covered by CDIC deposit insurance.
“We are guided by our mandate, which is to protect the depositors and creditors of the Canadian branch and have taken this step to safeguard their interests,” said Jeremy Rudin, Superintendent of Financial Institutions.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI – Public Affairs