off-the-wire

European bank shares slide 1% as SVB collapse rattles markets

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 13 (Reuters) - European bank shares slid in opening trading on Monday after the failure of Silicon Valley Bank continued to shake markets, but moves were less dramatic than Friday's plunges.


The STOXX bank index was down 1%, having shed 3.78% on Friday. HSBC shares were flat after it said it would acquire the UK subsidiary of stricken Silicon Valley Bank for 1 pound( $1.21).


U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of the tech focussed lender threatened to trigger a broader financial crisis.


($1 = 0.8265 pounds) (Reporting by Alun John; Editing by Amanda Cooper)

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