Its stock was suspended from trading on the New York Stock Exchange after a 60% plunge yesterday.
Before searching buyer is located Silicon Valley according to CNBC.
As reported by the American media, the Silicon Valley bank is looking for a buyer after the failed attempt to raise capital.
Its stock was suspended from trading on the New York Stock Exchange after a 60% plunge yesterday.
The same time, Wall Street is in the red again as all European stock markets are under strong pressure.
Tremors in banks and stock markets on both sides of the Atlantic are caused by the threatened collapse of Silicon Valley Bank (SVB), an American bank with a history of 40 years, which mainly finances startups.
Analysts and traders are concerned that SVB may only be the tip of the iceberg, with the result that bank shares in Europe – as well as the Athens stock exchange – are under intense pressure today.
SVB plunged 60% on Wall Street yesterday as it liquidates its portfolio in an urgent bid to raise capital, selling a total of $21 billion worth of positions at a loss of $1.8 billion.
It also raised $500 million from venture capital firm General Atlantic.
Source :Skai
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