First Citizens BancShares will acquire all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation, according to the regulator
"It's clearly not over," Australia and New Zealand Banking Group Chief Executive Shayne Elliott said in anposted to the bank's website, where he said the turmoil has the potential to escalate into a bigger financial crisis.
In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high. Deutsche Bank's five-year CDS hit their highest since late 2018 on Friday, data from S&P Global Market Intelligence showed. The SBV deal comes after several weeks of looking for a suitor and after the FDIC called for separate offers for SVB Private and SVB.
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