FDIC and First-Citizens Bank & Trust Company also agreed on a “loss-share transaction” for commercial loans that were acquired from the former Silicon Valley Bridge Bank. Under this agreement, any losses or recoveries on loans covered by the loss-share agreement will be shared between the two parties. The purpose of this arrangement is to ensure…
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SVB Financial filed for bankruptcy protection on Friday, approximately a week after the closure of Silicon Valley Bank, which was the most massive US bank failure since the 2008 financial crisis. Silicon Valley Bank Germany Branch began providing lending services to local clients in 2018, but did not offer deposit services. BaFin classified the branch…
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According to securities filings, Mr Becker, SVB’s Chief Executive, and Mr Beck, the Chief Financial Officer, sold shares the week before the bank’s collapse. Becker sold $2.3 million worth of shares and Beck sold more than $575,000 worth of shares, which amounts to one third of his holdings in the company. SEC Chair Gary Gensler…
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Noel Quinn, the CEO of HSBC Group, commented: This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally. The UK Financial Conduct Authority issued a…
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FX management solutions company, Kantox, has announced today that it has partnered with Silicon Valley Bank (SVB) to offer FX management software to SVB’s corporate clients across the United Kingdom. Dynamic Hedging, a micro-hedging solution developed by Kantox, fully automates FX risk management to create greater efficiencies for treasurers. The technology provides better visibility over…
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