The American company First Citizens BancShares is interested in acquiring the bankrupt bank Silicon Valley Bank (SVB). In this respect informs Bloomberg, citing the source.
First Citizens BancShares Inc. Considering an offer to acquire Silicon Valley Bank.
March 16 Financial Times WroteSince the beginning of March 2023, the market capitalization of the six largest US banks – Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, JP Morgan Chase and Wells Fargo – has dropped 13%, with credit institutions losing about $165 billion.
Prior to that, Reuters said, citing sources, that financial analysts expect the European Central Bank’s (ECB) leadership to raise the key rate by another 50 basis points (0.5%) – from the current 3% to 3.5% annually. . The tightening of the currency regulator’s monetary policy will result from the bankruptcy of investment bank SVB. In addition to the collapse of the SVB, an additional increase in the key ratio could lead to a sharp decline in the shares of Swiss bank Credit Suisse.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.