Global bank turmoil: SA banks should be insulated - and there may be a silver lining | Business

The collapse of Silicon Valley Bank surprised many market participants, and Credit Suisse's liquidity crisis added to the jitters. But analysts say this is not a global banking crisis.South African banks were left bleeding due to a global banking crisis, with billions shaved off their market value. But in the medium term, the crisis may have a silver lining for local clients and their banks.

The crisis was triggered by the collapse of Silicon Valley Bank, which ran into major trouble after its investment in long-dated US government bonds turned sour. Aggressive rate hikes have hit these bonds hard. Following the news that it was forced to sell these bonds at a big loss, clients started to withdraw their money – and soon the bank was forced to shut its doors.

Another regional US bank, Signature Bank, was also hit by a depositor run – followed by San Francisco-based First Republic Bank. The authorities have stepped in to prop up these banks with rescue packages.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

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