Credit Suisse Toronto Branch Seeks Asset Release

Summary#

Credit Suisse AG, Toronto Branch says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 599 of the Bank Act. The application is planned for on or after March 6, 2024, and anyone who opposes has until March 6, 2024 to file an objection.

What it does#

• The branch plans to ask for an order that would let it release or remove assets it currently keeps in Canada.
• This request is being made under section 599 of the Bank Act.
• The notice gives depositors and creditors a chance to object before the application is made. Objections can be sent by mail to Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• The deadline to submit an objection is March 6, 2024.
• This notice is an announcement of an intended application. It does not mean the release has been approved.

Who's affected#

• Depositors and creditors of Credit Suisse AG, Toronto Branch who have money, accounts, or claims tied to the branch in Canada.
• It may also matter to anyone monitoring the status of the branch’s Canadian operations.
• If it is unclear whether you are affected, the notice directs affected parties to contact Office of the Superintendent of Financial Institutions (Canada).

Why it matters#

• If the release is approved, assets that currently sit in Canada could be moved or dealt with differently, which could affect access to funds or how creditor claims are handled.
• The notice gives people with potential claims a short window (until March 6, 2024) to say they object. Missing that deadline could limit a creditor’s ability to stop the release.
• For customers and creditors, this is a concrete step in the branch changing how it manages assets in Canada.