Swiss financial regulator FINMA on Monday said it was seeking to identify any potential contagion risks for the country's banks and insurers following the collapses of Silicon Valley Bank and Signature Bank, Reuters reported. Shares in Swiss banks slumped along with others in the sector globally after moves by U.S. authorities to guarantee deposits of the two lenders failed to reassure investors. Swiss financial regulator FINMA on Monday said it was seeking to identify any potential contagion risks for the country's banks and insurers following the collapses of Silicon Valley Bank and Signature Bank. Shares in Swiss banks slumped along with others in the sector globally after moves by U.S. authorities to guarantee deposits of the two lenders failed to reassure investors. "FINMA is evaluating the direct and indirect exposure of the banks and insurance companies it supervises to the institutions concerned," it said. "The aim is to identify any cluster risks and potential for contagion at an early stage." The regulator said that it was in contact with various institutions which could be affected, but declined to name them or the measures it might take.
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