In the last hours, the bankruptcy of the bank of Silicon Valley (SVB), one of the largest lenders to technology companies in the United States.
Financial regulators announced the closure of the SVB due to lack of liquidity and insolvency after trying to raise US$2.25 billion to cover its losses. It is the biggest fall of a financial institution since the 2008 crisis.
The management of assets deposited in Silicon Valley were transferred to the Federal Deposit Insurance Corporation (FDIC)according to the California Department of Financial Protection.
Those customers with insured funds will have access to their savings, the FDIC guaranteed.
At the end of 2022, the SVB had $209 billion in total assets and $175.4 billion in deposits, making it the 16th largest lender in the United States.
Source: Larepublica
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