Silicon Valley Bank (SVB) has reported that a major bank has gone bankrupt in the US for the first time since the 2008 financial crisis. DEA News With reference to a statement from the Federal Deposit Insurance Corporation (FDIC).
Silicon Valley Bank, Santa Clara, California, was shut down today by the California Department of Financial Protection and Innovation, which appointed Federal Deposit Insurance Corporation as its bankruptcy trustee.
All insured deposits from the SVB have been transferred to the National Bank of Santa Clara Deposit Insurance and depositors are expected to have access to their deposits by Monday, March 13 at the latest.
According to US Treasury Secretary Janet Yellen, the US banking system has to deal with the situation around the Silicon Valley Bank.
Previously, the disappearance of China Renaissance Holdings (CRH) Bao Fan, the head of one of the largest investment banks in China has caused concern in the Chinese domestic financial market.
The financier was out of touch for two days, which caused shares of a financial institution to drop by 50% at the opening of morning trading on the Hong Kong stock exchange.