Silicon Valley Bank's Germany Branch Ordered Closed by German Regulator
09:18 AM EDT, 03/13/2023 (MT Newswires) -- SVB Financial Group's (SIVB) Silicon Valley Bank branch in Germany was ordered by the country's financial regulator to be closed Monday.
Germany's Federal Financial Advisory Authority said it has also issued a ban for the US bank's German branch on disposals and payments, saying "the institution is at risk of being unable to meet its obligations towards its creditors."
The regulator said the crisis at "Silicon Valley Bank Germany Branch poses no threat to financial stability." The overall assets of the Frankfurt-based branch as of Dec. 31 were 789.2 million euros ($845 million), it added.