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First Citizens to buy Silicon Valley Bank, says FDIC

Tan KW
Publish date: Mon, 27 Mar 2023, 02:27 PM
Tan KW
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First Citizens BancShares Inc will aquire all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the regulator.

The purchase by unit First-Citizens Bank & Trust Company includes the purchase of about US$72 billion of Silicon Valley Bank's assets at a discount of US$16.5 billion, the FDIC said.

First Citizens has around US$109 billion in assets and total deposits of US$89.4 billion.


  - Reuters


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