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Bangkok Post
Bangkok Post
World

Markets in turmoil as US closes Silicon Valley Bank

Silicon Valley Bank Silicon Valley SVB Deutsche Bank Santa Clara United States
The four biggest US banks lost a whopping $52 billion in market value on Thursday.

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

US authorities swooped in and seized the assets of SVB bank, a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the medium-sized lender to stay afloat on its own.

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