March 14, 2023
On the 10th of March 2023, Silicon Valley Bank, one of the leading banks in the UK that announced its bankruptcy.
SVB was established in 1983, it was known for its innovative financial solutions for technology and life sciences start-ups.
The bank had built a strong reputation in the industry and was often considered a go-to bank for many startups in the UK.
The bank's profits had plummeted by over 50%, and it was forced to make significant cutbacks in its operations.
The bank's troubles were exacerbated by the COVID-19 pandemic, which had a severe impact on the UK economy.
The pandemic led to a sharp decline in the demand for business loans, which was a key source of revenue for SVB Bank.
Immediate impact of the SVB collapse has been felt in the startup world, with many companies struggling to secure funding.
The collapse of SVB will not have any effect on Indian banks as the Indian banking system is more insulated and regulated.
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