Vehicles are parked outside a Silicon Valley Bank branch in Wellesley.
| Photo Credit: AP
The collapse of Silicon Valley Bank (SVB) of the U.S. on Friday, the biggest bank failure since 2008, has led to alleged rumour mongering in India concerning a 116 year old Mumbai based cooperative bank that has issued a public statement on Twitter distancing itself from the troubled commercial lender.
“SVC Bank is completely unrelated to Silicon Valley Bank (SVB) which was based on California. We request our members, customers and other stakeholders not to pay attention to baseless rumours and mischief-mongering by unscrupulous elements insinuating similarities in brand names,” SVC Bank said in a statement.
“SVC Bank reserves the right to take due legal action on rumour mongers for tarnishing it’s brand image,” the statement added.
SVC Bank (SVC Co-operative Bank Ltd), formerly known as Shamrao Vithal Co-operative Bank Ltd said it is multi state scheduled urban co-operative bank with operations only in India.
It said it has “proven, robust and strong fundamentals” with a total business of over ₹31,500 crore and net profit of over ₹146 crore (2021-22).