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Economy
Silicon Valley Bank is largest failure since financial crisis, billions stranded
2023-03-11
By David French, Echo Wang and Alun John

[Reuters] Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank failure since the financial crisis on Friday, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.

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.

The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said.


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