The largest bank bankruptcy in the U.S. in the past 15 years
The announcement of the closure of Silicon Valley Bank, considered the most significant bankruptcy of a financial institution in the U.S. since the 2008 financial crisis, has worried investors in financial markets.
This bank, known by its abbreviation SVB, was shut down by U.S. authorities on Friday. The Federal Deposit Insurance Corporation in the United States has now taken control of this financial services and banking company. It is expected that this bank will reopen on Monday under a new name.
Silicon Valley Bank, which faced a rush of its customers to withdraw their deposits, tried to increase its capital, but its efforts in this area were unsuccessful.