Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news.
The bankruptcy of Silicon Valley Bank (SVB) is raising questions over whether commercial banks in Korea are exposed to risks stemming from a sharp U.S. rate hike, which was behind SVB s downfall. Analysts said Tuesday that the management and business structure of Korean banks is quite different from that of SVB and that such differences enable local banks to withstand the adverse effects of the U.S. hawkish monetary policy stance.
The British pound has reversed directions after an impressive rally that saw GBP/USD climb 370 points. In the European session, GBP/USD is trading at 1.2154, do
US finance authorities announced a rescue plan Sunday that will ensure all depositors at failed Silicon Valley Bank will be able to "fully" retrieve their funds and that American taxpayers will not have to foot the bill.
USISPF chief Mukesh Aghi said that the Silicon Valley Bank has been the go-to bank for the US and foreign tech startups and members of the venture capital industry for years and its abrupt halt has left several of its customers worldwide in a crisis.