The U.S. financial regulator announced on March 10 that the takeover of Silicon Valley Bank (Silicon Valley Bank), which mainly finances technology and start-ups, is the largest local bank failure since the 2008 global financial crisis.
The US CNBC channel reported that the California Department of Financial Protection and Innovation (California Department of Financial Protection and Innovation) announced that the Federal Deposit Insurance Corp. (FDIC) would take over the deposits of Silicon Valley Bank, and pointed out that users subject to deposit protection can The deposit will be withdrawn before the morning of the 13th, and the bank’s check will continue to clear.
Silicon Valley Bank had approximately US$209 billion in assets and US$175 billion in deposits as of December last year. The bank said it had lost US$1.8 billion (approximately HK$14 billion) in asset portfolio investment, so it hopes to raise US$2 billion (approximately HK$15.6 billion) . After the news came out, the stock price of the parent company plummeted by 60% on the 9th, and another 60% before the market opened on the 10th, and then was forced to suspend trading.
The news of the takeover of Silicon Valley Bank has affected other small and medium-sized bank stocks, but many Wall Street analysts believe that this incident will not hit the banking system. Treasury Secretary Janet Yellen said that appropriate actions should be taken against banking regulators Feel confident that the banking system continues to be resilient and that regulators have responded effectively to similar incidents.
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