Credit Suisse Toronto Branch asset release

Summary#

This notice says that Credit Suisse AG, Toronto Branch plans to ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under the Bank Act. The branch says it will make that application on or after March 6, 2024, and gives a deadline of March 6, 2024 for depositors or creditors to file any objections.

What it does#

• Announces an intended application under section 599 of the Bank Act to get an order allowing the branch to release the assets it holds in Canada.
• Invites any depositor or creditor of Credit Suisse AG, Toronto Branch to submit an opposition in writing by March 6, 2024.
• Provides where to send objections:
  • By mail to Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2.
  • By email to approvals-approbations@osfi-bsif.gc.ca.
• This is a notice of intent to apply, not a final decision.

Who's affected#

• Depositors and creditors of Credit Suisse AG, Toronto Branch in Canada — these are the people or businesses the notice specifically addresses.
• Others with financial claims or dealings with the Toronto branch may also be affected, though the notice only names depositors and creditors.

Why it matters#

• If the Superintendent allows the release, the branch could move or otherwise dispose of assets it holds in Canada. That could change how or where depositors and creditors can pursue claims.
• The notice gives affected people a chance to object before the application is considered.