Credit Suisse Toronto Branch asset release

Summary#

Credit Suisse AG, Toronto Branch says it will apply for an order to release the assets it holds in Canada under section 599 of the Bank Act (Canada). People or companies who are depositors or creditors can file an opposition with the Superintendent of Financial Institutions (Canada) by March 6, 2024.

What it does#

• Announces an intended application by Credit Suisse AG, Toronto Branch for authorization to release the assets it maintains in Canada under section 599 of the Bank Act (Canada).
• Invites any depositor or creditor who opposes that release to submit an opposition by mail or email on or before March 6, 2024:
  • Mail to: 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

Who's affected#

• Depositors and creditors of Credit Suisse AG, Toronto Branch in Canada — those with accounts, claims, or outstanding debts tied to the branch’s Canadian business.
• It is unclear from the notice which specific assets or how much value is involved.

Why it matters#

• If the assets are released, it could change how and when depositors or creditors can make claims or recover money tied to the branch’s Canadian operations.
• The notice gives affected people a clear deadline (March 6, 2024) and contact details to raise objections.