SVB Collapse: Silicon Valley Bridge Bank urges its customers, help rebuild deposit base!

SVB Collapse: Silicon Valley Bridge Bank urges its customers, help rebuild deposit base!

Silicon Valley Bank Crisis: New CEO of Silicon Valley Bridge Bank Tim Mayopoulos (Silicon Valley Bridge Bank New CEO) to win back the trust of the bank’s customers after the collapse of America’s Silicon Valley Bank Tim Mayopoulos) sent an email to the bank’s customers to restore confidence in the banking system. In his mail, he asked the customers to help the bank build its deposit base. For this, he should keep his money deposited in the bank only. Along with this, the customers who have withdrawn their money from the bank should deposit that money again in their account. According to a Bloomberg report, Tim Mayopoulos has tried to restore trust in the bank by sending this email to his customers.

Bank resumes work

Many businessmen express their trust on SVB

Many big industrialists of America have expressed their trust on Silicon Valley Bank. In a statement shared by General Catalyst CEO Henmat Taneja, the group has recommended that portfolio companies deposit at least 50 per cent of their total deposits with Silicon Valley Bank. The group said in its official statement that SVB is one of the safest banks. Let us tell you that Chief Executive Officer Tim Mayopoulos has also said that the Federal Deposit Insurance Corporation has also removed the insurance cap of deposits in the bank. In this case, whatever amount the customer deposits in the bank, all of them will be covered by insurance.

SVB has total assets of $209 billion

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 since the 2008 financial crisis. 

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