Market View: How the Silicon Valley Bank collapsed within 48 hours - marking the biggest banking failure since 2008’s Global Financial Crisis; Collapse of Signature Bank; Impact on startups around the world and in Singapore; Contagion effect on Singapore’s banking sector; HSBC’s acquires SVB’s UK arm for £1; What the collapse suggest about the health of tech firms in the US; FDIC’s assurance; Impact of Fed’s interest rate decision in March

Your Way Home with Hongbin Jeong · Mar 13, 2023 · 20m

Singapore shares opened slightly weaker today, with banks opening in the red on contagion fears after the US regulators shut Silicon Valley Bank to protect customer deposits. On the local bourse, the Straits Times Index headed down 0.2 per cent to 3,171.41 points in early trade after 101.5 million securities changed hands. Meanwhile, state regulators in the US had on Sunday shuttered a second bank - the New York based- Signature bank on Sunday. That bank had total assets of about US$110.36 billion and total deposits of roughly US$88.59 billion as at Dec 31. The big question here is to what…