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Illustration image of the destroyed SVB (Silicon Valley Bank) logo. REUTERS/Dado Ruvic
FRANKFURT, March 13 (Reuters) – German financial regulator BaFin said on Monday that it has placed a moratorium on the German branch of Silicon Valley Bank in the face of its crisis, saying the subsidiary has no “systemic relevance.”
The bank opened a small branch in 2018 after obtaining a lending license.
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.
Officials at SVB in Frankfurt have not responded to requests for comment.
(1 US dollar = 0.9372 euros)
(Reporting by Tom Sims and Marta Orosz; editing in Spanish by Benjamín Mejías Valencia)
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