Germany imposes moratorium on SVB’s German subsidiary

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German financial regulator BaFin said on Monday it had imposed a moratorium on the German branch of Silicon Valley Bank in the face of its crisis, saying the subsidiary had “no systemic significance”.

The bank opened a small branch in 2018 after obtaining a license to grant loans.

BaFin said the situation did not pose a “threat to financial stability.”

SVB’s Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin.

SVB officials in Frankfurt did not respond to requests for comment.

(1 US dollar = 0.9372 euros)

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