© Reuters. Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration
FRANKFURT (Reuters) – Germany’s financial regulator BaFin on Monday said it was imposing a moratorium on the German branch of Silicon Valley Bank in the wake of its demise and noted the branch has “no systemic relevance”.
The bank opened a small branch in 2018 after it won a license to lend.
BaFin said that the situation posed no “threat to financial stability”.
SVB’s Frankfurt branch had assets of 789 million euros ($841.86 million) at the end of last year, according to BaFin.
Officials at SVB in Frankfurt have not responded to requests for comment.
($1 = 0.9372 euros)