MARCH 27 — The sale of failed Silicon Valley Bank to a regional US peer helped stabilise shares in European lenders today, after the sector was hammered last week by worries of...
MARCH 27 — The sale of failed Silicon Valley Bank to a regional US peer helped stabilise shares in European lenders today, after the sector was hammered last week by worries of systemic bank stress and a looming credit crunch.
First Citizens will also have an agreement with the regulator to share losses to provide further protection against potential credit losses."The move is positive for financial stability and the venture capital industry," said Gary Ng, senior economist at Natixis Hong Kong. "You sweep Silicon Valley off to another buyer, which is good," said IG Markets analyst Tony Sycamore in Sydney.
"I don't think you can sit here and say, 'Well, that's all done, Silicon Valley Bank and Credit Suisse and, you know, life will go back to normal,'" Australia and New Zealand Banking Group Chief Executive Shayne Elliott said in an interview posted on the bank's website.
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