Credit Suisse Toronto Branch Asset Release

Summary#

Credit Suisse AG, Toronto Branch says it will apply to the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 599 of the Bank Act. The branch set March 6, 2024 as the date by which anyone who opposes that application must file an objection.

What it does#

• Seeks an order under section 599 of the Bank Act authorizing the Toronto branch to release the assets it maintains in Canada.
• Invites any depositor or creditor to file an opposition with the Office of the Superintendent of Financial Institutions (Canada) by March 6, 2024. The notice gives a postal address and an email for filing objections.

Who's affected#

• Customers, depositors and creditors of Credit Suisse AG, Toronto Branch who have funds, claims or other interests connected to the branch’s Canadian business.
• It is unclear from the notice whether other parts of the Canadian financial system or third parties would be directly affected.

Contact details given in the notice for filing an opposition:

• Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2
• Email: approvals-approbations@osfi-bsif.gc.ca

Why it matters#

• If the Superintendent approves the application, the branch could transfer or otherwise dispose of assets it currently holds in Canada. That could change how and where depositors or creditors try to recover money they are owed.
• The notice also gives affected people a clear deadline (March 6, 2024) and contact points if they want to oppose the move.