Home » Banking crisis: First Citizens Bank buys insolvent Silicon Valley Bank

Banking crisis: First Citizens Bank buys insolvent Silicon Valley Bank

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Banking crisis: First Citizens Bank buys insolvent Silicon Valley Bank
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First Citizens Bank buys insolvent Silicon Valley Bank

The Federal Association of German Startups does not believe that the collapse of the US start-up financier will cause major financing problems for the industry in Germany.

The Federal Association of German Startups does not believe that the collapse of the US start-up financier will cause major financing problems for the industry in Germany.

Those: Ringo Chiu/SOPA Images via ZUMA Press Wire/dpa

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The collapse of the Silicon Valley Bank plunged the financial world into a deep crisis. Deposits and loans from the insolvent bank are now being taken over by First Citizens Bank. The 17 branches of the institute should reopen on Monday.

Dhe US financial institution First Citizens Bank takes over the insolvent Silicon Valley Bank (SVB). As the federal deposit insurance fund FDIC announced on Monday night, the bank is buying all deposits and loans from the closed bank. The transaction includes deposits of $ 119 billion (110.5 billion euros) and an additional $ 72 billion in assets.

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The 17 branches of the SVB are to open on Monday under the name First Citizens and customers of the SVB would “automatically” become customers of the new bank, it said. The FDIC remains responsible for securing deposits.

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Silicon Valley Bank headquarters in Santa Clara.

The SVB was the 16th largest bank in the United States by assets and a major financier, especially for startups. It was closed by the authorities after a rush to the accounts in early March.

The SVB collapse is the largest bank failure in the US since the financial crisis of 2008 and caused considerable turbulence in the banking sector and on the stock markets – also in Europe. The escalation led to an emergency sale by Credit Suisse to UBS.

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