First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire Silicon Valley Bank's (SIVB.O) deposits and loans as well as certain other assets from the Federal Deposit Insurance Corporation (FDIC).
SVB Financial Group (SIVB.O) said on Tuesday that Goldman Sachs Group Inc (GS.N) was the acquirer of a bond portfolio on which it booked a $1.8 billion loss, a transaction that set in motion the failure of SVB.
Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news.
Silicon Valley Bank (SVB), the 16th largest lender in the United States, has not reportedly faced any scam or lack of corporate governance. Still, it could not avoid the collapse.
Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other US regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits.