First Citizens buys Silicon Valley Bank for $119 billion

New Delhi, March 27 (HS): American Silicon Valley Bank, which is facing a financial crisis, has found its buyer. Silicon Valley Bank was bought by First Citizens. The deal was done for $119 billion. After the collapse of this bank, the Federal Deposit Insurance Corporation was appointed as its regulator.

The Federal Deposit Insurance Corporation (FDIC) said in a statement released Monday that First Citizens Bank and Trust has given its consent to purchase all of Silicon Valley Bank’s deposits and loans. According to the statement, to get this bank out of the financial crisis, First Citizens Bankshare Inc. has bought it from the Federal Deposit Insurance Corporation.

It is noteworthy that after the sinking of the American Silicon Valley Bank, the global banking crisis started spreading to other countries of the world. After SVB, there have been reports of financial crises in big banks like Signature Bank and Credit Suisse. Meanwhile, according to reports, another bank in Europe has reached the verge of collapse.

Hindusthan Samachar /Prajesh Shankar/Indrani Sarkar