WASHINGTON: In what amounts to the worst failure of a retail bank since the global financial crisis, US regulators shut down Silicon Valley Bank (SVB) and took control of its money on Friday.
The action comes after a rollercoaster 48 hours that saw the share price of the high-tech lender crash amid a run on deposits by anxious clients.
The most significant retail banking failures are listed here, ranked by the value of their assets at the time of failure.
– HBOS (United Kingdom), (Around $811 billion) on 17 September 2008
– Washington Mutual (United States), ($307 billion) on 25 September 2008
– Silicon Valley Bank (United States), ($209 billion) on 10 March 2023
– Sachsen LB (Germany), (Around $92 billion) on 26 August 2007
– Bradford & Bingley (United Kingdom), (Around $63 billion) on 29 September 2008
– IndyMac (United States), ($32 billion) on 11 July 2008
Furthermore, the financial crisis globally saw the failure of several investment and corporate banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008. Its assets were worth $639 billion at that time. — AFP/APP
