SEOUL: South Korea’s finance minister said on Sunday the country was closely monitoring any impact from the collapse of Silicon Valley Bank on South Korean markets.

Top financial officials met on Sunday to discuss the collapse, the biggest bank failure since the 2008 financial crisis, the finance ministry said in a statement.

Banking regulators close SVB, move quickly to avert crisis

The ministry said it would closely monitor the situation despite views from experts that the startup-focussed lender’s insolvency would not spill into other financial systems.