Silicon Valley Bank: Collapsed US lender bought by rival

The assets and loans of collapsed US lender Silicon Valley Bank (SVB) are being bought by rival First Citizens BancShares.

The nonaccomplishment of SVB earlier this period triggered fears astir the stableness of different lenders, sparking crisp falls successful slope shares astir the world.

In Europe, worries implicit the spot of Swiss banking elephantine Credit Suisse led to a rushed takeover by rival UBS.

Nerves among investors person remained, and slope shares fell sharply connected Friday.

SVB was seized by US regulators earlier this period aft a tally connected the bank, and its illness was swiftly followed by the nonaccomplishment of different US slope Signature Bank.

The demise of the 2 were the biggest slope failures successful the US since the fiscal situation of 2008.

SVB customers are being advised to proceed utilizing their existent subdivision until they person announcement from First Citizens Bank that their relationship has been afloat moved across.

First Citizens is based successful Raleigh, North Carolina and calls itself America's biggest family-controlled bank. It has been 1 of the largest buyers of troubled banks successful caller years.

It has bought astir $72bn of SVB's assets and loans astatine a discount of $16.5bn. The FDIC volition inactive clasp astir $90bn of SVB's assets.