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Tag: Silicon Valley Bank

Silicon Valley Bank
Business

First Citizens to buy part of collapsed Silicon Valley Bank

The U.S. Federal Deposit Insurance Corporation said Monday that First Citizens Bank & Trust Co will buy Silicon Valley Bank’s deposits and loans. CNBN reported that this information was revealed in a press release by FDIC after over two weeks since the SVB bank became defunct and shut down by regulators. According to the statement, […]

Silicon Valley Bank
Business

SVB Group accuses regulators of cash disconnect

Silicon Valley Bank Financial Group has accused the U.S. Federal Deposit Insurance Corporation of taking inappropriate measures to disconnect it from the cash stored at its former subsidiary, Silicon Valley Bank. This subsidiary was seized by regulators to prevent a nationwide bank run. Reuters reported that the company made these allegations in court documents before […]

Silicon Valley Bank
Business

US agency to restart sale of defunct Silicon Valley Bank

The United States Federal Deposit Insurance Corp is preparing to restart the sale procedure of Silicon Valley Bank after the most recent auction was unsuccessful in attracting any buyers. Reuters reported that sources familiar with the matter have revealed that the regulator is exploring the possibility of dividing the bankrupt lender and is currently contemplating […]

Silicon Valley Bank
Business

First Citizens considers acquiring Silicon Valley Bank

First Citizens BancShares Inc is considering the acquisition of the Silicon Valley Bank that was closed down by the United State regulators on March 10, 2023, owing to several factors including high-interest rate and the inability of the bank to sustain investment causing a bank run. Bloomberg News on Saturday reported that the information was […]

Silicon Valley Bank
Business

Shareholders sue Silicon Valley Bank, CEO, CFO for fraud 

Silicon Valley Bank Financial Group, the Chief Executive Officer, and Chief Financial officer were sued on Monday by shareholders. Reuters reported that the shareholders accused them of concealing that the Silicon Bank of Nigeria which collapsed on Friday was “particularly susceptible” to bank run due to rising interest rates. The federal court in San Jose, […]

Silicon Valley Bank
Business

Oil prices fall after Silicon Valley Bank collapse 

The close down of Silicon Valley Bank has raised fears of new financial crises as oil prices fell on Monday along with equities. Reuters reported that Brent crude fell by 1.7 percent to $81.34 per barrel by 10.01am GMT. West Texas Intermediate crude dropped by 1.8 per cent, to $75.28 a barrel. The fear of […]

Silicon Valley Bank
Business

Silicon Valley Bank failed over rising interest rate – Report 

A tech-heavy lender, Silicon Valley Bank, was closed down on March 10, 2023 and taken over by United States regulators owing to rising interest rates and others. SVB is popularly known to be a financial partner of the innovation economy. Before its closure on Friday, it supports individuals, investors and tech-innovative companies to achieve scaling […]