Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Last Call for Cyber Monday! Save Now on Claim 60% OFF
European banking shares slump as fallout deepens from SVB collapse
Author
Published Mar 13, 2023 19:44
© Reuters
By Scott Kanowsky
Investing.com -- European banking stocks dropped on Monday after the collapse of SVB Financial Group (NASDAQ:SIVB) caused concerns about the health of the U.S. financial system.
In early morning trading, shares in some of the region's biggest lenders, such as Banco Santander (BME:SAN), Commerzbank (ETR:CBKG), and UniCredit (BIT:CRDI), were near the bottom of the pan-European Stoxx 600.
Europe's Stoxx 600 Banks also dropped by about 1%, adding on to losses last week that stemmed from the turmoil surrounding SVB.
With $212 billion in assets, SVB was the second biggest lender to fail in U.S. history.
Elsewhere on Monday, HSBC agreed with the Bank of England to buy the U.K. operations of SVB. In a joint statement with the Treasury, the Bank said it could confirm that "all depositors' money with SVBUK is safe and secure as a result of this transaction" and that "all services will continue to operate as normal and customers should not notice any changes." London-listed shares in HSBC (LON:HSBA) dipped slightly into the red in the wake of the announcement.
Over the weekend, the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation put together a bailout package as well that essentially protected all of SVB's depositors, including those with assets above the federally guaranteed $250,000 limit.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.