March 27 (Reuters) – First Citizens BancShares Inc (FCNCA.O) said on Monday it would acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets.
The Federal Deposit Insurance Corporation (FDIC), which took control of SVB earlier this month, said in a separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal.
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Oil Gains Some Ground As Investors Assess Banks, Russia
LONDON, March 27 (Reuters) – Oil prices rose on Monday as investors assessed efforts by authorities to rein in concerns over the global banking system while Russian President Vladimir Putin’s plans to place tactical nuclear weapons in Belarus ratcheted up tensions in Europe.
Brent crude futures were up 30 cents, or 0.4%, to $75.29 a barrel at 0900 GMT. West Texas Intermediate U.S. crude was up 28 cents, or 0.4% at $69.54 a barrel.
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First Citizens Bank To Buy SVB’s Deposits, Loans From FDIC
March 27 (Reuters) – First Citizens Bank & Trust Co will buy all of Silicon Valley Bank’s (SIVB.O) deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement.
Full coverage: REUTERS
Dollar Steady As Banking Worries Keep Investors On Edge
SINGAPORE/LONDON, March 27 (Reuters) – The dollar was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system.
The dollar index , which measures the currency against six rivals, rose 0.06% at 103.05, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank (DBKGn.DE) sliding nearly 9%. Shares in Deutsche Bank were up 4% in early trade on Monday.
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Morning Bid: Banks Are Leaking Money
A look at the day ahead in European and global markets from Wayne Cole.
It’s been a quiet Monday so far with Asian share markets mixed but U.S. and European stock futures higher, perhaps because they got through a weekend without another bank collapsing.
There is some relief that First Citizens BancShares Inc (FCNCA.O) is in advanced talks to acquire Silicon Valley Bank (SIVB.O). There was also some talk the Federal Reserve could expand its new lending programme for banks as another step to reassuring depositors.
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