SANTA CLARA: In a surprising turn of events, regulators closed down Silicon Valley Bank (SVB), on Friday, which is ranked as the 16th largest bank in the United States due to depositors initiating withdrawals of their funds.
As per a report by Inman, California regulators closed down the bank, and the Federal Deposit Insurance Corporation (FDIC) confiscated its assets. In response, the FDIC established a new bank named the National Bank of Santa Clara, which would be responsible for managing the failed bank’s deposits and other assets.
The bank’s abrupt closure has left numerous startups with unfulfilled contracts, and investors are left pondering the fate of their investments.
Some of the prominent real estate clients of the bank included Opendoor, Roofstock, Homebound, Nomad, Airbnb, and Tomo.
In an effort to contain any spread of financial instability, US Treasury Secretary Janet Yellen acted swiftly and authorized measures that would permit the FDIC to resolve SVB’s situation “in a manner that fully safeguards all depositors.”
The FDIC, in a statement, assured that all insured depositors would be able to fully access their insured deposits immediately.
For news and blogs, visit Graana.com
ISLAMABAD – President of the Islamabad Chamber of Commerce and Industry (ICCI), Nasir Mansoor Qureshi,…
Islamabad – The Capital Development Authority (CDA) held a meeting on Saturday to review and…
ISLAMABAD: The Federal Government Employees Housing Authority (FGEHA) is set to hold an auction for…
Islamabad – Presenting the PKR 17.57 trillion federal budget for FY2025–26, Finance Minister Muhammad Aurangzeb…
Islamabad: Federal Minister for Planning, Development and Special Initiatives, Professor Ahsan Iqbal, chaired a high-level…
Dubai, UAE – May 2025: Dubai’s real estate sector has achieved a record-breaking milestone, with…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
