South Korea monitoring impact from Silicon Valley Bank crisis: Finance minister

A customer stands outside the shuttered Silicon Valley Bank (SVB) headquarters on Mar 10, 2023 in Santa Clara, California. (Photo: AFP/Getty Images North America/Justin Sullivan)

12 Mar 2023 01:35PM (Updated: 12 Mar 2023 01:47PM)

SEOUL: South Korea’s finance minister said on Sunday (Mar 12) the country was closely monitoring any impact from the collapse of Silicon Valley Bank on South Korean markets.

Top financial officials met on Sunday to discuss the collapse, the biggest bank failure since the 2008 financial crisis, the finance ministry said in a statement.

The ministry said it would closely monitor the situation despite views from experts that the start-up-focused lender’s insolvency would not spill into other financial systems.