Silicon Valley Bank in California collapsed, causing confusion and concern due to the similarity in names
Mumbai — A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank in California caused confusion and concern due to a similarity in names.
“We request our members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering ... insinuating similarities in brand names,” SVC said in the statement. Sachin Mane, branch manager at one of SVC’s branches near India’s financial capital Mumbai, said on Monday the lender acted as there were rumours circulating on social media about the bank's financial health.
California banking regulators shut down SVB on Friday after a run on the lender, which had $209bn in assets at the end of 2022, with depositors pulling out as much as $42bn on a single day, rendering it insolvent.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RESCUE BID: Bank of London submits proposal for Silicon Valley Bank’s UK armBank of London has tabled an offer to Silicon Valley Bank (SVB) UK, SVB's subsidiary, the company said on Sunday, adding that it had sent the proposals to British authorities, including the Treasury and the Bank of England.
Read more »
UK races to minimise damage from Silicon Valley Bank collapse | BusinessBritish finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to 'avoid or minimise damage' resulting from the chaos engulfing the UK arm of Silicon Valley Bank.
Read more »
Bank on returns, but only if you're quick off the markSome situations don't allow it, but if you're forced to divulge your banking details, report to your bank immediately because all losses from that moment must be reimbursed, writes Wendy Knowler.
Read more »
Silicon Valley Bank fallout fears grow as regulators urged to find a buyerAnalysts warn that without a resolution by Monday other banks could come under pressure
Read more »
Asian tech leaders scramble to assess Silicon Valley Bank falloutImplosion of SVB should not be underestimated, analysts warn
Read more »
Xi retains central bank chief and finance minister in reshuffleThere were fewer changes than expected, with most cabinet ministers keeping their posts as China opts for continuity
Read more »