June 5, 2023

Dubai Week

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Silicon Valley Bank: A rival firm takes over a failed bank

  • Peter Hoskins and Nick Etcher
  • BBC Business Correspondent

Image copyright Reuters

First Citizens Bankshire, a rival of Silicon Valley Bank, has announced it will buy the assets and loans of the collapsed US bank.

The failure of US bank Silicon Valley earlier this month raised concerns about the stability of other lenders, leading to sharp falls in banking stocks around the world.

In Europe, concerns about the power of Swiss banking giant Credit Suisse led to its swift takeover by rival UBS.

Markets were nervous, and bank stocks fell sharply on Friday, opening only slightly higher on Monday.

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