Due to the GCC's strong linkages with the global banking system, concerns have risen that the banks in the region will face the same struggles.
US Treasury Secretary US economy to grow, downplays recession fears
Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector. The dramatic collapse of Silicon Valley Bank (SVB) and Signature Bank last month had rattled the industry, prompting US authorities including...
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its depositors -- along with those of Signature Bank -- would have access to their money. But officials were quick to add: "No losses will be borne by the taxpayer."US banking regulator sells Signature Bank assets to another lender
Signature Bank was seized by the Federal Deposit Insurance Corporation (FDIC) a week ago after it imploded in the wake of the collapse of Silicon Valley Bank (SVB) earlier in March, a failure that has sent convulsions through the global banking sector. The FDIC is also seeking a similar deal...UBS in talks to acquire embattled Credit Suisse: report
The Swiss National Bank (SNB) and financial markets watchdog FINMA told their US and British counterparts their "plan A" to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources. The Swiss central bank "wants the lenders to agree...GCC banks face minimal impact of US banking crisis
The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment portfolios, Junaid Ansari of Kamco Invest tells TRENDS.After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The bank raced to find a buyer or another solution to shore up its finances before Monday morning, but failed to get a...
