Business
SVB's German branch ordered to halt transactions: BaFin
Frankfurt, March 14
The German Federal Financial Supervisory Authority (BaFin) has ordered the US-based Silicon Valley Bank (SVB) to halt the operations of its Germany branch.
SVB, previously the 16th largest bank in the US that had been operational for 40 years, collapsed last week.
The BaFin "has issued a ban today for Silicon Valley Bank Germany Branch on disposals and payments, as the institution is at risk of being unable to meet its obligations towards its creditors," it said in a statement on Monday.
The watchdog also ordered the bank to be closed for business with customers, Xinhua news agency reported.
Unlike its parent company based in California in the US, the Germany branch has been operational since May 2018 and it does not conduct deposit business in Germany.
"Silicon Valley Bank Germany Branch is not systemically important," the BaFin statement said.
Citing the end-2022 financial statements of Silicon Valley Bank Germany Branch, BaFin said that its total assets amounted to 789.2 million euros ($844 million).
1 minute ago
On his visit to India, Tesla CEO Elon Musk is reportedly expected to announce an investment of $2 billion to $3 billion.
6 minutes ago
Award for Public Officials Won by Raja Krishnamoorthi, an Indian American Congressman
10 minutes ago
A person from India has admitted to defrauding a bank of $17 million.
13 minutes ago
Book released by former Indian government official at New York's Kerala Centre
18 minutes ago
Musk's Mention of India's Permanent Seat in the United Nations Security Council Draws US Reaction
1 hour ago
Rahul Gandhi holding Muslim League flag in Wayanad inciting anti-Hindu sentiments: Union Minister
1 hour ago
Robotic surgery offers hope to 2 women with advanced breast cancer
1 hour ago
16 mn Afghans to experience crisis and emergency levels of food insecurity: UN report
1 hour ago
Long jumper Sreeshankar Murali ruled out of Paris Olympics with knee injury
1 hour ago
IPL 2024: Devon Conway ruled out due to injury, CSK name Richard Gleeson as replacement
1 hour ago
Kriti surprises fans with pics from Manish Malhotra's Namo Ghat show in Varanasi
1 hour ago
Story of Indian-American teen Reena Virk's murder that inspired Lily Gladstone’s ‘Under The Bridge’
1 hour ago
Vicky has 'never been so nervous' as he was shooting in front of Sam Bahadur's daughter