New York State Financial Authorities Close Signature Bank... Aftermath of SVB Incident

Amid the collapse of Silicon Valley Bank (SVB) in the United States, Signature Bank, headquartered in New York, was closed, according to major foreign media reports on the 12th (local time).

According to reports, New York State financial authorities closed Signature Bank on the same day and initiated asset seizure procedures.

On the 10th, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB), which had served as a financial lifeline for startups in the western United States, citing insufficient liquidity and insolvency.

As a result, aftershocks occurred, with stocks of Signature Bank and First Republic Bank plummeting more than 20% on the day.

[Image source=Reuters Yonhap News]