First Citizens to acquire collapsed Silicon Valley Bank
- 27-Mar-2023
WASHINGTON: US bank First Citizens said Monday it has agreed to purchase all loans and deposits from Silicon Valley Bank, whose collapse this month sparked global fears about the sector. SVB, a key lender to the tech industry since the 1980s, became the biggest US bank to fail since 2008 when regulators seized it after […]
HSBC buys failed US bank SVB’s UK arm for £1
- 13-Mar-2023
LONDON: The UK arm of failed US lender Silicon Valley Bank has been sold to HSBC for a nominal £1 ($1.2) in a rescue deal, the government and HSBC announced Monday. The deal, overseen by the Bank of England and the Treasury, comes after SVB collapsed Friday sparking panic in Britain over its customers in […]
Most Asian markets sink after US lender’s collapse
- 13-Mar-2023
HONG KONG: Most Asian markets fell Monday as the closure of two regional US banks sparked fears of contagion in the financial sector, even as officials promised to support customers. The collapse Friday of Silicon Valley Bank, which specialises in venture-capital financing largely in the tech sector, came after a huge run on deposits left […]
Silicon Valley Bank’s demise began with downgrade threat
- 11-Mar-2023
In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group, the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit. That phone call, described by two people familiar with the situation, began the process toward Friday’s spectacular collapse of the startup-focused lender, the biggest […]