First Citizens Buys Silicon Valley Bank

US bank First Citizens said that it has agreed to purchase much of Silicon Valley Bank, whose collapse this month sparked global fears about the sector, Agence France-Presse (AFP) reported.

Photo Insert: First Citizens said it had agreed to purchase "substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank."

First Citizens said it had agreed to purchase "substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank."

It said the 17 former branches of SVB will open on Monday as "Silicon Valley Bank, a division of First Citizens Bank."

The transaction includes the sale of $72 billion in assets at a discount of $16.5 billion, the US Federal Deposit Insurance Corp. (FDIC) said in a statement. All of the entity's loans and deposits will now be managed by First Citizens, while the FDIC will retain some $90 billion in securities and other assets.

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