Silicon Valley Bank will be taken over today the future of the bank will be decided - Newztezz Online


Sunday, March 19, 2023

Silicon Valley Bank will be taken over today the future of the bank will be decided

The customers of Silicon Valley Bank of America are going to get relief. To save it, a financial institution of America has come forward, which is focusing on preparing a good offer for the bank.

The banking sector crisis in America started with the collapse of Silicon Valley Bank. Right now the bank is controlled by the Federal Deposit Insurance Corporation (FDIC), which can now take a big decision on its future fate i.e. takeover on Sunday. To save the Silicon Valley Bank, which funds many startups of the world including India, a big financial institution of America is trying to make a great offer.

Citing sources with knowledge of the matter, Bloomberg has reported that America's First Citizens Bankshares Inc. is evaluating Silicon Valley Bank to make an offer. It is one of the possible banks that can buy Silicon Valley Bank in the auction.

Tomorrow's fate will be written today

The FDIC will decide on Sunday on offers made to buy Silicon Valley Bank. Along with this, it is also to be decided whether the Silicon Valley Bank is to be sold completely or it should be sold in pieces. All this will depend on the bids received by the FDIC. Apart from First Citizens, there is another institute which is serious about buying Silicon Valley Bank.

However, no final decision has been taken regarding the sale of Silicon Valley Bank. At the same time, First Citizens can present its offer even after going ahead of the bids. First Citizens had earlier made a very low bid for Silicon Valley Bank, which was rejected.

There is no immediate statement from First Citizens and FDIC in this regard. Regarding this, both can give their feedback in working hours.

People's money is safe for now

Silicon Valley Bank in America had sunk earlier this month. After this the FDIC took control of it. The FDIC insures people on deposits of up to $250,000 in American banks.

UBS ready to buy Credit Suisse

Earlier, the day started with the possibility of resolution of another bank crisis. UBS is ready to buy Credit Suisse of Switzerland. Just for this, he has put a condition in front of the government to give a guarantee of 6 billion dollars.

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