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SVB FINANCIAL GROUP

(SIVB)
  Report
Delayed Nasdaq  -  04:00:00 2023-03-09 pm EST
106.04 USD   -60.41%
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China's central bank warns SVB failure shows impact of rapid global rate hikes- state media

03/18/2023 | 03:17am EDT
FILE PHOTO: Silicon Valley Bank branch in Santa Clara, CA

(Reuters) - A senior official at the People's Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported.

Xuan Changneng, a deputy governor at the People's Bank of China told the Global Asset Management Forum in Beijing that some financial institutions had grown accustomed to running their balance sheets in an environment of low interest rate volatility and as such lacked sensitivity to short-term and large fluctuations in rates.

Silicon Valley Bank's balance sheet characteristics made it more sensitive to interest rates changes and ultimately led to risk, the newspaper cited him as saying.

"Based on the current situation, there is still uncertainty about whether inflation in the major developed economies will fall significantly in the short term, and continuing to maintain relatively high interest rates may also have an adverse impact on the steady operations of the banking and financial system," he said.

SVB Financial Group on Friday sought protection under Chapter 11 of the U.S. bankruptcy code, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.

(Reporting by Juby Babu in Bengaluru and Brenda Goh in Shanghai; Editing by William Mallard and Sonali Paul)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 1.00% 3.02 Delayed Quote.5.99%
SVB FINANCIAL GROUP -60.41% 106.04 Delayed Quote.0.00%
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Analyst Recommendations on SVB FINANCIAL GROUP
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Financials (USD)
Sales 2023 5 476 M - -
Net income 2023 -786 M - -
Net Debt 2023 - - -
P/E ratio 2023 -7,45x
Yield 2023 -
Capitalization 6 279 M 6 279 M -
Capi. / Sales 2023 1,15x
Capi. / Sales 2024 1,03x
Nbr of Employees 8 553
Free-Float 98,7%
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Technical analysis trends SVB FINANCIAL GROUP
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 106,04 $
Average target price 227,00 $
Spread / Average Target 114%
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Managers and Directors
Gregory W. Becker President, Chief Executive Officer & Director
Daniel J. Beck Chief Financial Officer
Beverly Kay Matthews Chairman
Mark Rohrwasser Chief Information Officer
Philip C. Cox Chief Operating Officer
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