Switzerland's financial regulator, FINMA, said it is working on recognising any likely contagion risks for the country's banks and insurers following the Silicon Valley Bank and Signature Bank collapses. 

As US authorities' intervention to secure deposits of the two lenders failed to reassure investors, shares in Swiss and global banks plummeted. 

Indeed, Credit Suisse shares fell to a fresh low, whilst shares in UBS declined more than 7%, Reuters news agency reports. 

"FINMA takes note of the media reports on Silicon Valley Bank and Signature Bank in the USA and is closely monitoring the situation," the Swiss financial regulator said in a statement. 

 "FINMA is evaluating the direct and indirect exposure of the banks and insurance companies it supervises to the institutions concerned. The aim is to identify any cluster risks and potential for contagion at an early stage." 

US President Biden said on Monday he would do whatever it takes to deal with the banking crisis led by the collapse of the two lenders, forcing regulators to get involved with emergency measures.

FINMA also said it was checking for any further effects following the collapse of Silvergate Bank last week. The financial regulator said it was prioritising the risk management of supervised institutions and managing different scenarios. 

Switzerland's Federal Department of Finance said it "takes note of the reports on US banks and the development of the stock markets" but wouldn't be making any further comment on them. 

In addition, the government department also highlighted FINMA's role, stating, "FINMA is closely monitoring Credit Suisse as part of its supervisory activities." 

The Reuters report adds that Switzerland's central bank did not comment on how the collapse of the Silicon Valley Bank may impact the country's financial sector.