The Guardian Weekly

First Citizens buys most of failed tech sector lender

The failed Silicon Valley Bank will be mostly taken over by First Citizens, a North Carolina lender, and its collapse will cost $20bn in deposit insurance payouts, US regulators have said.

First Citizens will take on $119bn in deposits and loans from the entity set up after SVB’s collapse this month. The collapse triggered turmoil in the global banking sector. The costs of the bank’s failure will be borne by the deposit insurance fund, which is paid for by banks whose deposits are insured, the Federal Deposit Insurance Corporation said on Monday.

Global Report

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2023-03-31T07:00:00.0000000Z

2023-03-31T07:00:00.0000000Z

https://theguardianweekly.pressreader.com/article/281651079365287

Guardian/Observer