A buyer has been found for the collapsed Silicon Valley Bank , the banking failure that heralded the financial unrest still being felt across financial markets.
First Citizen Bank, self-described as one of America's largest family-controlled banks, has bought SVB from US regulator the Federal Deposit Insurance Corporation , which took over the lender earlier this month as depositors raced to withdraw money. The sale led to shares in European lenders mounting a partial recovery on Monday morning, with an index of Europe's top banks rising 1.4% by 9am, after some major losses last week.All of Silicon Valley Bank's deposits, worth $119bn, and all loans are being taken over by First Citizen Bank, which will open 17 former SVB branches as First Citizen Banks on Monday. Customers of SVB are automatically First Citizen Bank customers as a result of the purchase.
About $72bn of SVB assets are being bought at a discount of $16.5bn and approximately $90bn are being left with the FDIC. But the deposit insurance fund - paid into by banks in case of such a scenario - is down by $20bn , the FDIC said.
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