After the fall, the American Silicon Valley Bank (SVB) is taken over by the First Citizens Bank. This was announced by the US deposit insurance FDIC on Monday. First Citizens Bank takes assets in the form of deposits and loans. Other assets, mainly securities, remain under the control of the FDIC, it was further disclosed.
On March 10, the money house SVB, which specializes in start-up financing, came under state control. The day before, the voluntary resolution of US crypto bank Silvergate Capital had sent shock waves through parts of the financial sector. Other small financial institutions also stumbled, the Signature Bank collapsed completely.
Since then, the crisis has developed into a banking tremor that is depressing the share prices of banks around the world. The escalation led to an emergency sale by Credit Suisse to UBS. This was followed by another sell-off in European financial stocks last Friday. In addition to many top European politicians, US President Joe Biden also tried to soften the situation over the weekend given the turbulence in the banking sector. (saw/sda/awp/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
