In the US, SVB Financial Group has filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, a week after its former division Silicon Valley Bank was taken over by US regulators.

The move comes after the company said on Monday that it planned to explore strategic alternatives for its businesses. SVB Securities and SVB Capital’s funds and general partner entities are not included in the Chapter 11 filing and the firm said it planned to push on with the process to evaluate alternatives for the businesses.

Banking shares fell more than 1.5% in pre-market trading. Regional banks were hardest hit, with PacWest Bancorp and First Republic plunging between 10% and 20%.

Credit Suisse shares are also sliding again and have fallen 12% to a daily low of 1.76 Swiss francs.

Credit Suisse outflows top $450m.

As clients withdraw their cash at a dizzying pace, net outflows from Credit Suisse’s US and European managed funds topped $450m between Monday and Wednesday, the data firm Morningstar Direct has calculated.

The Swiss bank manages more than 300 European funds.