US company wants to buy bankrupt Silicon Valley Bank

The American company First Citizens BancShares is interested in buying the bankrupt bank Silicon Valley Bank (SVB). On Sunday, March 19, the Bloomberg reports with reference to sources.

First Citizens BancShares Inc. is considering an offer to purchase Silicon Valley Bank,” the agency said in a statement.

It is noted that the final decision has not yet been made.

The US bankruptcy of Silicon Valley Bank became known on March 11. The organization went bankrupt in less than two days. After the bank made an unsuccessful operation with securities, depositors began to withdraw funds sharply from their accounts. The bankruptcy of such a large credit institution was the first since the 2008 financial crisis.

Meanwhile, as Reuters reported on March 15, filing for bankruptcy is just one of the options SVB is considering. The company is also exploring other alternative solutions in the form of restructuring and recapitalization.

In addition, in the same month after SVB, the closure of the crypto-focused bank Silvergate and the similar New York-based Signature Bank were announced.

Against the background of the banking crisis, US President Joe Biden tried to convince American citizens that they can be confident in the security of the country’s banking system. He promised to ask Congress and “regulators of the banking sector to tighten the rules for banks and reduce the threat that this kind of bank failure will happen again.”

The Kremlin, in turn, said that the bankruptcy of American credit institutions would not have an impact on the Russian banking system.

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