WRAPUP 13-Silicon Valley Bank is largest failure since 2008 crisis, billions stranded ...Middle East

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WRAPUP 13-Silicon Valley Bank is largest failure since 2008 crisis, billions stranded
source : Devdiscourse ( Middle East ) () 65
Startup-focused lender SVB Financial Group became the largest bank failure since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.

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