Affin Bank officer Nor Ashikin Abdullah says the deposits were made through cash deposit machines at several bank branches.

This is its highest since 2008 and its largest rate increase since February.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

Goldman has been criticised over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central role in its collapse.

The takeover creates a banking giant such as Switzerland has never seen before – and raises concerns about possible layoffs.

UBS would require public guarantees to cover legal costs and potential losses, according to a report by Bloomberg, citing anonymous sources.

Credit Suisse would be the first major global bank to be given such a lifeline since the 2008 financial crisis.

In a potentially major development, the Fed announces it will make extra funding available to banks to help them meet the needs of depositors, which would include withdrawals.

US authorities swooped in and seized the assets of SVB, a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the bank to stay afloat on its own.

This is the first time the mainland China-based boutique bank has given a reason for the disappearance of its founder Bao Fan, though no details about the investigation were shared.

Since March 2021, the bank's stock has lost more than 75% of its value.

Central banks across the world are studying digital currencies, with the European Union due to publish a draft law in May setting out a legal framework for a potential digital euro.