Silicon Valley Bank (SVB) Bust Rattles INDIAN Firms - Reports
The US Govt’s closure of the largest tech start-up funding bank has left Indian investors and software firms concerned over their deposits, with an estimated 21 Indian start-ups involved with the bank. (Tracxn)
Some are awaiting a bailout, while others some have already started moving their funds out, amid fears of a potential withdrawal limit.
SVB had a reported $209bn in total assets & $175.4bn in total deposits, as of December 2022. U.S. cryptocurrency firm Circle announced Friday it has $3.3bn of its $40bn of USD Coin reserves at SVB.
Bubble burst? @RT_India_official
MORE HERE : Record Bank Run Drained A Quarter, Or $42BN, Of SVB's Deposits In Hours, Leaving It With Negative $1BN In Cash
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3, 2, 1, and... BOOM.
Trading just halted for multiple U.S. bank stocks at open.
W Alliance Bancorp down 75%
First Rep. Bank down 66%
Customers Bancorp down 54%
PacWest down 46%
Zions Bancorp down 44%
Bank Hawaii down 42%
Comerica down 39%
EW Bancorp down 32%
Courtesy @21st Century Wire
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