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Asia Business Economy News

Asian Bank Stocks Slump

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Shares of banks in Asia slumped on Monday after the collapse of a U.S. startup-focused bank.

The U.S. administration announced on Sunday a series of emergency measures to shore up confidence in the banking system following the failure of Silicon Valley Bank (SVB) (SIVB.O), which marked the biggest U.S. bank failure since the 2008 financial crisis.

The U.S. regulators say the bank’s customers will have access to all their deposits starting Monday. They will also set up a new facility to give banks access to emergency funds.

The Federal Reserve also made it easier for banks to borrow from it in emergencies.

Despite these measures, banks in Asia have been unable to shake concerns about systemic risk in the banking system.

Get more details from HERE.

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