Silicon Valley Bank acquired by rival company amidst financial troubles – BBC News Arabic

  • Peter Hoskins and Nick Edser
  • BBC Business Correspondent

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image copyright Reuters

First Citizens Bankshire, a competitor to Silicon Valley Bank, announced the purchase of the assets and loans of the collapsed US bank.

The failure of the US bank Silicon Valley earlier this month raised concerns about the stability of other lenders, which led to sharp falls in bank stocks around the world.

In Europe, concerns about the power of Swiss banking giant Credit Suisse led to its precipitous takeover by rival UBS.

Markets were tense, and banking stocks fell sharply on Friday, only to open slightly higher on Monday.

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