About Bank Stability
In March 2023, the failure of Silicon Valley Bank (SVB) and the New York based Signature Bank sent shockwaves around the globe, triggering concerns that other banks may follow suit. Fortunately, the transfer of the majority of SVB’s assets to a new bridge bank, and the sale of its UK subsidiary (SVBUK) to HSBC, mean that it is largely business as usual for the time being for both SVB and SVBUK. However, the measures taken against SVB, as well as the subsequent takeover of Credit Suisse by UBS, are likely to spark closer scrutiny of loan agreements and other financial contracts as borrowers and other counterparties examine their exposures and look for additional rights and protections, as well as flexibility to access additional funding sources if necessary.
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Featured Expert
Emma Millington
Solicitor
Emma is head of the Banking and Finance team and the Finance Group at ÀÏ˾»úÎçÒ¹¸£Àû®UK.
Emma has wide-ranging experience in derivatives and capital markets with a particular emphasis on credit derivatives and structured products. Emma qualified as a solicitor with Allen & Overy LLP, working in the derivatives and structured finance teams in both their London and Paris offices before gaining experience with Deutsche Bank AG (advising the foreign exchange prime brokerage desk) and Crédit Agricole CIB (advising the fixed income and derivatives desk) before joining ÀÏ˾»úÎçÒ¹¸£Àû®.