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New CEO of Silicon Valley Bank appeals to depositors to return, help rebuild deposit base!

To return the confidence of the investors of Silicon Valley Bridge Bank, now the CEO has requested its customers to re-deposit their money in the bank.

By Team Pardaphash 
Updated Date

Silicon Valley Bank Crisis: Tim Myopoulos, the new CEO of America’s Silicon Valley Bank (SVB), has urged depositors to return with their money to keep the bank afloat. According to media reports, in a zoom meeting with select investors and limited partners (LPs), he also asked them to make new deposits. He said both existing and new deposits would be insured by the Federal Deposit Insurance Corporation (FDIC).

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Bank resumed work

Along with this, Mayopoulos also said that the bank is now functioning normally. Customers can easily apply for loans, credit facilities by visiting the bank. Along with this, the CEO further wrote that if any person or firm has withdrawn their money from the bank in the last one week, then we urge them to deposit the money again.

Significantly, on March 09, there was chaos among the customers. In such a situation, people had withdrawn a total of $ 42 billion from the bank in just one day. After this, on March 10, the bank was seized by the regulators.

He stressed that one of the options available to SVB Bridge Bank is that it will work together with another financial institution or other investors, or the other option is that it will be closed.

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He said, “However, we are not in wind-down mode. The future of the bank is still under discussion. But he appealed to the customers to at least bring some of your money back to the institution. In the email sent, Myopoulos said that the bank is doing business as usual.

Many big industrialists of America have expressed their trust in Silicon Valley Bank. In a statement shared by General Catalyst CEO Henmat Taneja, the group recommended that portfolio companies keep at least 50 percent of their total deposits with Silicon Valley Bank.

Let us tell you that Silicon Valley Bank is the 16th largest bank in America. This bank mostly gives loan to tech companies only. In the last few months, the bank has been badly affected due to the poor performance of tech companies. The bank had $209 million in deposits from customers and individual tech companies. This is the biggest bank crisis after the 2008 financial crisis.

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