Invest
Silicon Valley Bank Collapse and Credit Suisse Bail Out: Are Our 3 Singapore Banks Safe?
By The Smart Investor  •  March 21, 2023
It has been a turbulent two weeks for the US and global banking sectors. Silicon Valley Bank (SVB), the 16th largest bank in the US, was shut down by regulators on 10 March, becoming the second-largest US bank to fail since the Great Financial Crisis (GFC). SVB was well-known for serving start-ups and venture capital firms and had assets of around US$209 billion as of December last year. Just two days later, Signature Bank became the third-largest US bank failure when it suffered a US$10 billion run on its deposits, making it insolvent. Over in Switzerland, Credit Suisse (NYSE: CS) is also facing a crisis of confidence. The country’s second-largest bank has been rescued by its larger competitor, UBS Group AG (NYSE: UBS), in a government-backed deal. With the ongoing turmoil in the banking sector, investors may feel jittery about the trio of local banks and whether they can weather this storm....
Read the full article
By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance