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)
