SAN FRANCISCO, March 20 — The US banking regulator has struck a deal to sell most of the assets of the failed Signature Bank to another institution, the agency said on...
SAN FRANCISCO, March 20 — The US banking regulator has struck a deal to sell most of the assets of the failed Signature Bank to another institution, the agency said on Sunday.
About US$60 billion in loans and US$4 billion in deposits related to Signature Bank’s digital banking business will remain under the regulator’s control, according to a statement. But regulators have so far been unable to find a buyer for SVB and are now considering breaking up the bank, a key lender to startups, according to Bloomberg.
San Francisco-based First Republic Bank — the 14th largest US bank by assets — has seen its stock market valuation melt by 80 per cent.
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