Farid Belhadj, Vice President of the World Bank for the Middle East and North Africa, ruled out the repercussions of the collapse of the US Silicon Valley Bank (Silicon Valley SVB) on Arab economies.
Belhaj said in statements to Al-Jazeera, which it published today, Thursday, on its website, on the sidelines of the financial sector conference in Riyadh, that the American authorities rushed to contain the crisis.
For its part, Reuters quoted informed sources as saying that a group "SVB" (SVB) The financial owner of Silicon Valley Bank is exploring the possibility of obtaining protection that prevents it from the risk of bankruptcy, through options that include selling assets, including its investment bank and an investment company.
This comes after the US banking regulators last week took control of the Silicon Valley Bank of the Group "SVB".
Sources indicated that the group has not yet made a final decision on the path it will take, and that it is still trying to find investors to buy its assets, without excluding filing a request to declare bankruptcy.
The repercussions of the announcement of the collapse of the Silicon Valley Bank in the United States continue to dominate the interest of the American and global banking sector, amid growing concern that the collapse of the bank will have a domino effect on other banks in the United States.
Last Wednesday, the bank surprised investors by announcing that it needed to raise $2.25 billion to support its balance sheet, and that after selling all its available bonds, it lost $1.8 billion. The assurances of the bank’s executives were not enough to stop the rush of depositors to withdraw deposits worth $42 billion by the end of last Thursday, and the bank’s share lost more than 60% of its value.
