Business Maverick: First Citizens to Buy SVB After Biggest Failure Since 2008

📆 27/03/2023 17:25:00

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First Citizens BancShares Inc. agreed to buy Silicon Valley Bank after a run on deposits wiped out the company in the biggest US bank failure in more than a decade.

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First Citizens Bancshares’ SVB deal calms market fearsThe institution bought all the loans and deposits and gave equity appreciation rights in its stock worth as much as $500m in return
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