Salem Radio Network News Friday, March 24, 2023


Germany imposes moratorium on German SVB branch

FRANKFURT (Reuters) – Germany’s financial regulator BaFin on Monday said it was imposing a moratorium on the German branch of Silicon Valley Bank in the wake of its demise and noted the branch has “no systemic relevance”.

The bank opened a small branch in 2018 after it won a license to lend.

BaFin said that the situation posed no “threat to financial stability”.

SVB’s Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin.

Officials at SVB in Frankfurt have not responded to requests for comment.

($1 = 0.9372 euros)

(Reporting by Tom Sims and Marta Orosz; Editing by Miranda Murray)


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