American bank First Citizens will buy "all deposits and loans" of Silicon Valley Bank (SVB), which filed for bankruptcy in early March, the US banking authority FDIC announced overnight.
The transaction covers $119 billion in deposits and $72 billion in assets, announced the FDIC, clarifying that today "SVB's 17 branches will open as First Citizens".
Reuters reports that the news of this purchase helped bring an uneasy calm to fragile markets today. . This weekend was the first in weeks that did not bring news of new bank collapses, bailouts or emergency aid from authorities aimed at boosting confidence.
Source: EPA
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Source: www.sigmalive.com
