First Citizens inches closer to SVB acquisition: Report - Hindustan Times
close_game
close_game

First Citizens inches closer to Silicon Valley Bank acquisition: Report

Bloomberg |
Mar 27, 2023 07:49 AM IST

Silicon Valley Bank became the biggest US lender to fail in more than a decade.

First Citizens BancShares Inc. is in advanced talks to acquire Silicon Valley Bank after its collapse earlier this month, according to people familiar with the matter.

First Citizens BancShares and SVB (Silicon Valley Bank) logos. (Reuters)
First Citizens BancShares and SVB (Silicon Valley Bank) logos. (Reuters)

First Citizens could reach a deal soon to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp., said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and talks could fall through, the people added.

Hindustan Times - your fastest source for breaking news! Read now.

A representative for the FDIC declined to comment. First Citizens didn’t immediately respond to requests for comment.

Silicon Valley Bank became the biggest US lender to fail in more than a decade, unraveling in less than 48 hours after abandoning a plan to shore up capital. The bank took a huge loss on sales of its securities as interest rates climbed, unnerving investors and depositors who rapidly began pulling their money.

As of Friday, Raleigh, North Carolina-based First Citizens had a market value of $8.4 billion.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On