The U.S. regulators have stepped in to shut down the operation of Silicon Valley Bank.

The regulators sought to take control of the bank to protect customer deposits and prevent a collapse in the financial system, as happened in 2008 when the banking sector experienced its largest banking failure.

The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.

Its troubles prompted customers to rush to withdraw deposits and sparked fears about the wider banking sector.

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Edited by Jesus Chan

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