France says there is no concern that its banks including Societe Generale SA and BNP Paribas SA will be affected by the collapse of Silicon Valley Bank.
(Bloomberg) —
France says there is no concern that its banks including Societe Generale SA and BNP Paribas SA will be affected by the collapse of Silicon Valley Bank.
The failure of SVB isn’t a systemic event, and there is no particular concern regarding a potential contagion to the French financial system, a Finance Ministry official told Bloomberg News Sunday. The ministry has no knowledge of any direct exposure of the nation’s lenders to the California-based bank.
French and European supervisory authorities will continue to monitor the developments of the situation, the official said.
FDIC Auction for SVB Said to Be Underway, Final Bids Due Sunday
The dramatic downfall of the tech-focused lender is sending shock waves around the world as startup founders from California’s Bay Area to the UK are worried about access to their funds. On Sunday, UK Prime Minister Rishi Sunak insisted there was no contagion risk to UK banks, as the government works “at pace” to find a way to ringfence the country’s technology and life sciences industries.
SVB, which was present in the UK, China, Denmark, Germany, India, Israel, Canada and Sweden, didn’t have a branch in France.
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