This month saw the collapse of two US banks: Silicon Valley Bank (SVB) and Signature Bank. SVB, which specialized in serving tech companies, was shut down by the US regulator after a run on its deposits triggered by losses in its securities portfolio. Signature Bank, which had many clients in the crypto space, faced a … Read more
Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 … Read more
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX stock exchange a day earlier after its biggest shareholder said it … Read more
UBS Group AG and Credit Suisse Group AG are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter. UBS prefers to focus on its own wealth-centric strategy and is reluctant to take on risks related to Credit Suisse, the report said, as the smaller rival seeks additional … Read more
KPMG’s U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), the Financial Times reported on Tuesday. Knopp said KPMG’s audit work considered all the facts available at the time and that “market-driven events” in the intervening days led to the banks’ failures, the … Read more
The nearly overnight collapse of Silicon Valley Bank has left the US tech scene in shock, wondering how one of its most valued institutions could vanish so suddenly, shunned by the companies that used it most. SVB, like many other niche banks around the world, was a highly specialized lender with specific idiosyncrasies — and … Read more
SVB Financial Group’s efforts to raise money have failed and the troubled bank was in talks to sell itself, CNBC reported on Friday, as a crisis at the tech-heavy lender rippled through global markets and hit banking stocks. Shares of SVB Financial Group were halted on Friday after tumbling 66% in premarket trading. SVB, which … Read more
Uday Kotak has been leading Kotak Mahindra Bank (KMB) since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. He has a net worth of about $13.4 billion. Mr Kotak will transition from his CEO position by the end of next year, after central bank guidelines capped tenures … Read more
Bombay High Court has quashed the write off of Rs 8,500 crore additional Tier-1 (AT1) bonds issued by Yes Bank (YBL); write off was part of a restructuring plan to rescue the Bank in March 2020. “It appears that administrator exceeded his powers and authority in writing off AT-1 bonds after the bank was reconstructed … Read more