US Bank failure: Eight Kuwaiti banks have no exposure to Silicon Bank

  • 14/03/2023

Kuwait City, March 14: In response to the sudden and shocking collapse of two banks, US President Joe Biden assured US citizens on Monday that the country's financial systems are sound. "You'll have access to your deposits when you need them", he assured. After it experienced a traditional bank run, in which depositors rushed to withdraw their money all at once, American regulators closed the Silicon Valley Bank on Friday. 

It is the second-largest bank failure in American history. New York's Signature Bank also failed. The President guaranteed that taxpayers wouldn't bear any losses. Eight Kuwaiti banks that are listed on the Kuwait Stock Exchange, or Boursa Kuwait, confirmed on Monday that they had no exposure to Silicon Valley Bank.

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