Silicon Valley Bank

Updated : Apr 30, 2023

First Republic auction underway with JPMorgan, Citizens, PNC, and more banks bidding

The interested banks are currently evaluating options and it is likely that lenders will bid for all of First Republic's deposits, a sizable chunk of its assets, and some of its liabilities

Asked whether the worst of the banking crisis was behind the country after failed Silicon Valley was purchased with the aid of a government backstop, the White House's top spokesperson said Americans should not worry.

Updated : Mar 28, 2023

After SVB sale, White House says banking system is 'safe'

"Americans can be confident," White House press secretary Karine Jean-Pierre told reporters.

The deal was "momentous" for First Citizens, CEO Frank Holding told investors on a conference call Monday.

Updated : Mar 28, 2023

US backstops Silicon Valley Bank sale to First Citizens

The Raleigh, North Carolina-based lender has completed 21 such government-assisted deals, including 14 since 2009 when CEO Holding was made chairman, according to a Piper Sandler note on Monday.

SVB was the largest bank since the 2008 financial crisis to collapse when California regulators closed it on March 10, sparking a major turmoil in the global banking sector

Updated : Mar 27, 2023

'And they claim crypto is risky': Twitter users on SVB, worth $40 bn a year ago, getting sold for $500 mn

First Citizen acquires about $72 bn in SVB assets at a discount of $16.5 bn and the estimated cost of SVB's failure to FDIC's deposit insurance fund is about $20 bn

Updated : Mar 27, 2023

SVB fallout: JPMorgan Chase, US neobanks record maximum new account openings by start-ups

Silicon Valley Bank-impacted start-ups across the world are increasingly moving their cash to large commercial banks in the US. Some are also preferring fintechs like Mercury and Brex for their speed of execution.

As per this agreement, the FDIC and First Citizens BancShares will share losses and potential recoveries on the loans covered.

Updated : Mar 27, 2023

First Citizens purchases embattled Silicon Valley Bank after collapse

First Citizens BancShares entered into a loss-share transaction for all deposits and loans of the SVB, a statement from the US Federal Deposit Insurance Corporation (FDIC) read.

The FDIC had tried to sell SVB Private alongside Silicon Valley Bank over the last two weekends but it failed to reach a deal to sell them both together

Updated : Mar 27, 2023

First Citizens in advanced talks to buy Silicon Valley Bank

First Citizens could reach a deal as soon as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp (FDIC)

Gold bars from the Credit Suisse are seen in a shop in Zurich, Switzerland

Updated : Mar 26, 2023

From Rs 17,900 ski caps to bars of gold, Credit Suisse memorabilia hot commodity after UBS takeover

While Credit Suisse is anticipated to maintain its independent brand during the merger process, UBS will have the final say on whether to retain the distinct Credit Suisse identity

Swiss finance minister Karin Keller-Sutter

Updated : Mar 26, 2023

'Credit Suisse would not have survived': Swiss FM defends deal with UBS, says other options were riskier

Keller-Sutter stated in an interview with Zurich newspaper NZZ, “CS would not have survived Monday. Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted"

Adani Group CFO Jugeshinder 'Robbie' Singh and Former US Treasury Secretary Larry Summers

Updated : Mar 25, 2023

‘America’s 3rd Enron moment’: Adani Group CFO trolls former US Treasury Secretary on banking turmoil

Amid banking crisis in US, Jugeshinder 'Robbie' Singh took a swipe at Larry Summers for suggesting Hindenburg's allegations against Adani Group are India's 'Enron moment'

Citigroup has also given similar guidance to its business heads, a source familiar with the matter said.

Updated : Mar 24, 2023

JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks

While lenders regularly compete for customers, the loss of confidence that shook the banking system in the last two weeks sparked concerns about contagion that could lead to a broader panic.

SVB Financial Group, the former parent of Silicon Valley Bank which filed for bankruptcy protection last week, is not part of the process.

Updated : Mar 24, 2023

Citizens Financial Group eyes bid for SVB's private bank

Citizens, one of the largest US regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the sources said.

SVB Financial's court filings listed $19 billion in assets, $2.2 billion in cash and cash equivalents, and $3.4 billion in liabilities.

Updated : Mar 20, 2023

Silicon Valley Bank's parent company cut off from bank's records

SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking businesses, which were not included in the FDIC's takeover of SVB.

Updated : Mar 20, 2023

UBS seals deal to acquire Credit Suisse; Swiss regulators to provide $108 billion liquidity assistance

"With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation," the Swiss central bank said.

Logos of Swiss banks UBS and Credit Suisse

Updated : Mar 19, 2023

European banks brace for potential contagion amid fallout from Credit Suisse and US bank failures

At least two major banks in the region are reportedly examining scenarios of contagion and looking for stronger signals of support from the Federal Reserve and the European Central Bank (ECB)

Updated : Mar 19, 2023

Swiss authorities weigh nationalising Credit Suisse amid takeover talks with UBS

According to sources familiar with the matter, the Swiss government is exploring all options to help salvage the beleaguered bank, which has seen its share price plummet this week.

Updated : Mar 19, 2023

Warren Buffett in talks with Biden officials about possible investment in regional banks: Report

Buffett has a history of stepping in to aid banks in crisis, using his financial strength and investing expertise to restore confidence in the struggling banking system.

Updated : Mar 19, 2023

Credit Suisse reportedly resisting $1 billion takeover offer by UBS

The offer from UBS is an all-share deal, with the Swiss government planning to change the country's laws to bypass a shareholder vote on the acquisition.

Updated : Mar 19, 2023

UBS offers to acquire Credit Suisse for $1 billion amidst banking turmoil

The proposed all-share deal between the two biggest banks in Switzerland is expected to be signed as soon as Sunday evening, Financial Times reported.

Updated : Mar 19, 2023

UBS seeks $6 billion from Swiss government to acquire struggling Credit Suisse

According to sources familiar with the negotiations, UBS is seeking a $6 billion bailout from the Swiss government to aid in the acquisition of Credit Suisse.

Updated : Mar 19, 2023

First Citizens considers bid to acquire Silicon Valley Bank, report says

The Raleigh, North Carolina-based bank is reportedly one of several prospective buyers with access to the data room as part of the auction process for the failed bank.

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Silicon Valley Bank

First Republic auction underway with JPMorgan, Citizens, PNC, and more banks bidding

After SVB sale, White House says banking system is 'safe'

US backstops Silicon Valley Bank sale to First Citizens

'And they claim crypto is risky': Twitter users on SVB, worth $40 bn a year ago, getting sold for $500 mn

SVB fallout: JPMorgan Chase, US neobanks record maximum new account openings by start-ups

First Citizens purchases embattled Silicon Valley Bank after collapse

First Citizens in advanced talks to buy Silicon Valley Bank

From Rs 17,900 ski caps to bars of gold, Credit Suisse memorabilia hot commodity after UBS takeover

'Credit Suisse would not have survived': Swiss FM defends deal with UBS, says other options were riskier

‘America’s 3rd Enron moment’: Adani Group CFO trolls former US Treasury Secretary on banking turmoil

JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks

Citizens Financial Group eyes bid for SVB's private bank

Silicon Valley Bank's parent company cut off from bank's records

UBS seals deal to acquire Credit Suisse; Swiss regulators to provide $108 billion liquidity assistance

European banks brace for potential contagion amid fallout from Credit Suisse and US bank failures

Swiss authorities weigh nationalising Credit Suisse amid takeover talks with UBS

Warren Buffett in talks with Biden officials about possible investment in regional banks: Report

Credit Suisse reportedly resisting $1 billion takeover offer by UBS

UBS offers to acquire Credit Suisse for $1 billion amidst banking turmoil

UBS seeks $6 billion from Swiss government to acquire struggling Credit Suisse

First Citizens considers bid to acquire Silicon Valley Bank, report says

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