A car drives past a Silicon Valley Bank sign at the company's headquarters in Santa Clara.(Photo | AP)
WASHINGTON: US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around USD 811 billion)
- Washington Mutual (United States), on 09/25/2008 ( USD 307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ( USD 209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around USD 92 billion)
- Bradford & Bingley (United Kingdom), on 09/29/2008 (Around USD 63 billion)
- IndyMac (United States), on 07/11/2008 ( USD 32 billion)
READ HERE | US closes Silicon Valley Bank in biggest collapse since 2008
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth USD 639 billion.
