Key Points
Global banking and financial stocks took a massive hit on Friday after US-based commercial lender SVB Financial Group was shuttered by US regulators, following an aggressive decline in its stock that led to a market loss of over $80 billion...
With this, Silicon Valley Bank became the largest US bank to fail since the 2008 financial crisis and its sudden collapse stranded billions of dollars belonging to companies, investors and depositors...
The SVB crisis unfolded in just 48 hours, following the banks announcement that it was planning to raise funds worth more than $2 billion to plug gaps in its balance sheet..
The crisis at SVB Group, which conducts business as the Silicon Valley Bank, has already raised concerns around the globe, having triggered a small contagion that has impacted banking and financial stocks around the world...
The impact of the closure could have a significant impact on stock markets around the world, including the US, the UK, the Eurozone and others, as shares of major banks and financial institutions are likely to feel the aftereffects of SVBs collapse..
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