Fear of a “bank run” forced the US federal authorities to close the SVB investment bank close to Californian start-ups, a first since the 2008 financial crisis.
By Maurin Picard
Lhe setbacks of American high-tech have finally caught up with the banking sector: since Wednesday, Wall Street and all the financial markets have been holding their breath since the action of Silicon Valley Bank (SVB), a discreet but influential establishment Californian dedicated to the financing of start-ups and favorite of investment funds, began to tumble. Friday morning, after a sudden and desperate flight from many of its customers, it was temporarily closed by the American federal authorities, a first across the Atlantic since the financial crisis of 2008. Its listing had just been suspended on the Stock Exchange. from New York. The control of its deposits, estimated at 175 billion dollars, has been entrusted to the American agency responsible for guaranteeing them (FDIC, for Federal Deposit Insurance Corporation). Branches of the struggling institution, headquartered in Santa Clara, are expected to be allowed to reopen on Monday, with customers allowed to withdraw a maximum of $250,000.
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