The collapse of the #SiliconValleyBank ( SVB), has created a shocking wave across the industry. California based SVB bank started its operations in 1983. The business is mostly with technology companies. SVB has invested in several Indian firms, including Paytm, Carwale, Bluestone, Shaadi and Sarva. The bank was recognized as a source of funding for early-stage start-ups.

After this shocking news, New York-based Signature Bank was shut down by regulators on Sunday, two days after authorities closed Silicon Valley Bank. The shutdown of Signature Bank marks the third largest failure in US banking history, after Silicon Valley Bank and Washington Mutual.

The SVB bank lends to tech firms and most of its depositors are from the tech sector: venture capitalists (VC), high net-worth individuals (HNI) and tech firms. SVB calls itself the financial partner of the innovation economy. The bank also featured on Forbe’s list as the best US banks from the last several years. Even though SVB had total assets of approximately $209 billion and total deposits of approximately $175.4 billion as of 31 December, it had to face bankruptcy.

Today's Headline in NewsHours
0:00 Intro
3:52 Fed quells fears among SVB, Signature Bank depositors by announcing emergency measures
4:30 #HSBC to buy the UK arm of Silicon Valley Bank
5:02 #Meta bids farewell to NFTs on Facebook, Instagram
5:37 #Apple may upgrade AirPods with health-tracking features
6:14 India bags two Oscars at the 95th Academy Awards


Follow Us On :-

Website:https://varindia.com/

https://www.facebook.com/VARINDIAMagazine/

https://twitter.com/varindiamag

https://www.instagram.com/varindia/

https://www.linkedin.com/company/14636899/admin/

https://in.pinterest.com/varindia/

https://varindia.tumblr.com/

Visit on https://varindia.com/ to know more

Labels & Copyrights :- VARIND.