Several major Canadian banks decided to kidnap customers of the bankrupt American Silicon Valley Bank (SVB). In this respect writer Globe and Mail citing sources.
The publication noted that at least three Canadian banks have begun to disseminate their readiness to assist companies that have previously cooperated with the SVB and are looking for a new bank.
According to the newspaper, this approach by Canadian banks may make it more difficult for the SVB to sell itself, because few people with no customers will want to buy a bank. However, it is almost impossible to stop customers from going to other banks.
Earlier on Wednesday, the Wall Street Journal reported, citing its sources. WroteHe said that the creditors of the bankrupt SVB Bank united among themselves to make a profit after the financial institution went bankrupt.
Prior to that, Bloomberg reported that global financial markets lost $465 billion in just two days due to the bankruptcy of the American SVB. The publication noted that amid the market panic caused by the collapse of the SVB, offers from US regional banks suffered the most. For example, the KBW Regional Banking Index fell 7.7%. Shares of First Republic fell 73% in three sessions, making this bank a loss leader.