Silicon Valley Bank collapses after failing to raise capital

On Friday morning, Silicon Valley Bank crumbled following a shocking 48-hour period during which it sparked concerns of a potential banking industry crisis.

The regulators in California have designated the Federal Deposit Insurance Corporation as the receiver, CNN reported.

According to reports, SVB Financial Group was considering a sale following the sale of billions of dollars’ worth of assets to reimburse its clients, which triggered a wave of panic on Wall Street during the current week.

Various media sources, citing insiders, have disclosed that the struggling bank is contemplating a prospective acquisition by a bigger financial organization, as reported by CNN.

"Silicon Valley Bank collapses after failing to raise capital"
READ MORE:https://www.cnn.com/2023/03/10/investing/svb-bank/index.html

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