Spanish insurer Mapfre holds $22 mln worth of Silicon Valley Bank, Credit Suisse debt

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MADRID, March 22 (Reuters) - Spanish insurer Mapfre said on Wednesday it has parked the equivalent of $22 million in debt issued by beleaguered banks Silicon Valley Bank and Credit Suisse, a fraction of its 41 billion euros funds.

The insurer has invested $12 million in Silicon Valley Bank bonds and $10 million in Credit Suisse senior debt, a spokesperson said on Wednesday. Mapfre does not hold any Contingent/Convertible or similar bonds, he added.

The spokesperson declined to say whether the insurer will write down the value of these investments.

The exposure to the two banks is a tiny amount for Mapfre which handled 41.4 billion euros in investments at the end of 2022, which includes fixed rate, stocks, real estate and cash.

The collapse of the Silicon Valley Bank in the United States earlier this month and the rushed takeover of Credit Suisse by its Swiss rival UBS last weekend raised concern of contagion over the world's financial service companies.

($1 = 0.9292 euros) (Reporting by Inti Landauro, Editing by Louise Heavens)