March 30, 2023

Bankruptcy of US bank SVB scares banking sector in US, Asia and Europe | USA

The sudden end of Silicon Valley Bank (SVB), which was shut down by US authorities this Friday, has sent panic into the banking sector, with investors wondering about the consequences of the biggest US bank failure since 2008.

The bank has been unable to withstand massive withdrawals of capital from its clients, mainly technology players, and its latest efforts to raise new cash have been unsuccessful. The US authorities then took control of the institution and handed over its management to the Federal Deposit Insurance Corporation (FDIC).

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