Shares of regional banks see sharp dip

Shares of Asian banks tanked yesterday as stock markets closed mixed as investors considered US regulators’ actions to backstop both financial institutions and deposits following the collapse of Silicon Valley Bank (SVB) could stem further broader risks.

Japan led losses in the region with the Topix index dropping 1.51% and the benchmark Nikkei 225 index losing 1.11%. Shares of SoftBank Group closed 1.67% lower, along with sharp declines in megabanks as Mitsubishi UFJ Financial Group dropped 3.47% and Sumitomo Mitsui Financial Group sank 4.16%.

In Australia, S&P/AXS200 was down 0.5% with banks seeing the declines. The Stock Exchange of Thailand lost 1.66% late yesterday afternoon with Kasikornbank (Kbank) slumping by as much as 5.88%. Shares of Bangkok Bank (BBL) tumbled 3.16%…