The Strategist

UK Chief Secretary to the Treasury Glenn: Britain's banking system is resilient amid crisis

03/29/2023 - 09:54

John Glenn, Chief Secretary to the Treasury, referred to the British financial system as resilient in light of the Credit Suisse crisis and Silicon Valley Bank's failure.

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On March 10, U.S. California regulators shut down Silicon Valley Bank, one of the top 20 U.S. institutions. It was the largest insolvency instance in the US since the 2008 financial crisis.

The biggest bank in Switzerland, UBS, announced on March 19 that it would acquire the troubled Credit Suisse for 3 billion Swiss francs ($3.2 billion).

"The financial industry here is very stable. We made some fairly audacious decisions following the (global financial) crisis 15 years ago, and they put us in a good position," Glenn told Reuters.