SVB Financial Group sought court intervention after filing for bankruptcy as Credit Suisse shares extend their slide and erase Thursday of relative financial calm.
SVB Financial Group filed on Friday for a court-supervised reorganization under Chapter 11 of protection of bankruptcy to find buyers for your assetsdays after its former Silicon Valley Bank unit was seized by US regulators.
In parallel, the action from the bank Credit Suisse it falls to 10% at half time, despite the financial aid announced on Thursday by the Swiss central bank.
In the case of BLSThe plan of Filing for bankruptcy protection comes after the company said on March 13 that it planned to explore strategic alternatives for its businesses.including the holding company, SVB Capital and SVB Securities.
The funds of SVB Securities and SVB Capital and general partner entities are not included in the Chapter 11 filingthe company said on Friday.
Reuters reported on Wednesday that the parent company was considering filing for bankruptcy protection. to sell assets.
The California banking regulators shut down SVB Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as administrator court for the subsequent disposition of their assets.
The collapse of SVB, the largest US bank failure since Washington Mutual during the 2008 financial crisisha bank stocks hit and has sparked concerns of contagion through global markets.
On the other hand, Credit Suisse extends the collapse of its shares that lose up to 10% this Friday, despite the assistance of the Swiss National Bank to prevent the fall of one of the main financial entities in the country.
The bank suffered this week spectacular collapses in the stock market and given the fears for the banking sector, it received a bailout from the Swiss central bank to reinforce its liquidity.
The banking ecosystem also showed other effects of the collapse of SVB and Credit Suisse: eleven banking giants in the United States pledged on Thursday to rescue the entity First Republicwhich allayed fears of a new bankruptcy.
Source: Ambito
