Germany’s Banking Regulation and Supervision Agency (BaFin) has declared a moratorium on the German branch of Silicon Valley Bank (SVB).
BaFin announced the decisions taken for the German branch of SVB, which increased the risks on the banking sector in the US.
In the statement, it was stated that the German branch of SVB could not fulfill its obligations and that the bank’s asset sales and payments were frozen.
In the statement, it was stated that the decision to close the bank was taken, and it was noted that BaFin decisions can be implemented immediately, but the final form has not yet been finalized.
In the statement, it was emphasized that the German branch of SVB did not pose a systematic risk to the country’s banking sector, and it was reported that the bank, which started its activities in Germany on May 30, 2018, did not collect deposits and the bank’s resources were 789.2 million euros as of December 2022.
