California banking regulators on Friday closed SVB Financial Group, the largest bank failure since the financial crisis, moving quickly to protect depositors as a crisis at the startup-focused lender rippled through global markets and hit banking stocks.
The regulator appointed the Federal Deposit Insurance Corporation (FDIC)as receiver. The failure of troubled tech-lender SVB Financial Group’s rippled through global markets and sent shares of many banks tumbling, although some larger U.S. banks recovered in morning trade.
The SBV meltdown, which began on Thursday, spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.
Source : Instant View: Global bank shares impacted by SVB meltdown