Silicon Valley Bank: Regulators close tech lender to avert crisis

United States regulators have shut down Silicon Valley Bank in what has become the largest failure of a US bank since the 2008 financial crisis.

The firm was scrambling to raise money following a loss from the sale of assets affected by higher interest rates.

In a statement to employees, the bank said it was engaged in talks to determine the next steps.

Al Jazeera’s Mike Hanna reports from Washington, DC, the US.

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