Credit Suisse Toronto Branch Seeks 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. Depositors or creditors who oppose that release must file an objection by March 6, 2024.

What it does#

• The branch intends to apply on or after March 6, 2024 for an order to release assets it maintains in Canada under section 599 of the Bank Act.
• The notice invites any depositor or creditor with objections to file them by mail or email with the Office of the Superintendent of Financial Institutions (Canada) by March 6, 2024.
• Contact details given in the notice: Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• People or businesses that have deposits with or are owed money by Credit Suisse AG, Toronto Branch in Canada.
• Other creditors or claimants with financial claims against the branch.
• The notice does not say how many people or how much money is involved, so the scale of impact is unclear.

Why it matters#

• If the Superintendent approves the release, assets held in Canada by the branch could be moved or otherwise dealt with in a way that may affect creditors’ and depositors’ ability to recover money.
• Anyone who thinks they might be affected should consider filing an objection by March 6, 2024 or seek more information from the Office of the Superintendent of Financial Institutions (Canada).