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Credit Suisse chairman says Silicon Valley Bank crisis looks 'local and contained'

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In this article The contagion effect from the recent collapse of Silicon Valley Bank is local and contained, said Credit Suisse Chairman Axel Lehmann on Wednesday.

Embattled lenders Silicon Valley Bank and Silvergate were not subjected to strict enforcements that govern bigger banks in the U.S.

and other parts of the world, Lehmann told CNBC's Hadley Gamble at a panel session in Riyadh. «I look to what has happened in Silicon Valley Bank, and subsequently other midsize banks — they are not really subject to stringent regulation, as you have in other parts of the world,» he said, citing the Basel III requirement that underpins most banks' operating framework. «So in this regard, I think [the contagion] is somewhat local and contained,» he said.

However, Silicon Valley Bank's fallout still serves as a «warning signal» for the overall market climate, the chairman cautioned.

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