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Europe's banking stocks recover as SVB deal brings respite | CNN Business

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European banking stocks rose, boosted by the news that US lender First Citizens Bank would buy most of the business of failed Silicon Valley Bank.

The Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, ticked up by nearly 1% in morning trade, while London’s bank-heavy FTSE 100\n \n was 0.5% higher. Deutsche Bank\n \n rose 6% in early trade, before paring gains to trade 4% higher by mid-morning. Its stock closed down 8.5% on Friday as investors fretted that Germany’s biggest lender might be vulnerable to the crisis of confidence triggered by the collapse of SVB, and the emergency rescue of Credit Suisse\n \n .

UBS\n \n agreed a week ago to buy Credit Suisse\n \n in a 3 billion Swiss franc deal brokered by the Swiss government to prevent a wider crisis in the financial sector. Anxiety over the stability of banks has whipped through global markets since SVB collapsed on March 10 and US regional lender Signature Bank followed two days later.

 

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