Europe News Desk!!! The German Federal Financial Supervisory Authority (BaFin) has ordered US-based Silicon Valley Bank (SVB) to close its branch in Germany. SVB, which had been in operation for 40 years, went bankrupt last week. In a statement on Monday, BaFin said, “The sanctions have been issued today for the Germany branch of Silicon Valley Bank on dispositions and payments.” The institution is unable to meet its obligations towards its creditors. The watchdog also ordered the bank to stop trading with customers, Xinhua news agency reported. Unlike its parent company based in California in the US, the Germany branch had been operational since May 2018, and did not take money from depositors in Germany. The Germany branch of the Silicon Valley bank was not significant enough, the BaFin statement said. Citing the end-2022 financial statements of the Silicon Valley bank’s Germany branch, BaFin said it had total assets of 789.2 million euros ($844 million).
–IANS
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