After the failure of Silicon Valley Bank (SVB), French banks are "not vulnerable," according to a Banco de France spokesman on Monday.
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| Silicon Valley Bank |
A spokesman for the Banco de France confirmed to AFP on Monday that French banks are "not exposed" to the insolvent US bank Silicon Valley Bank (SVB). Earlier in the day, Economy Minister Bruno Le Maire downplayed on France Info any risk of contagion following the collapse of SVB by US authorities last Friday, which could no longer handle with the large withdrawals of its clients.
A spokesman for the Banco de France told AFP on Monday that French banks are "not exposed" to the insolvent US bank Silicon Valley Bank (SVB), confirming information from La Parisien. As a result of this financial player's losses in the tech sector in the United States, the central bank seeks to reassure on the potential dangers of contagion. Especially because Silvergate Bank and Signature Bank have likewise gone to the mat across the Atlantic.
Since last Friday, French banks, like the sector as a whole, have been pummeled on the stock market. BNP Paribas fell 6.32% about 3:30 p.m., Société Générale down 6.11%, and Crédit Agricole fell 3.45%. Even if their shares continue to gain in value relative to their pricing at the start of the year, their capitalization has increased by more than 10 billion euros in two trading sessions.