Investors liked First Citizens Bank's deal to buy Silicon Valley Bank’s deposits and loans so much that they pushed its stock 53.74% higher.
as well. Australia's S&P/ASX 200 climbed 1.04% as the Australian Prudential Regulation Authority said the country's banking system is "among the best equipped in the world to handle a crisis.", according to Bain & Co. By contrast, the region's total deal value in 2021 was $354 billion. More bad news: 70% of fund managers surveyed expect the market to remain muted in 2024.after spending months out of the country.
First Citizens' purchase of SVB's assets was a bargain in monetary terms. More crucially, it signaled to markets that, despite SVB's financial difficulties, there was still value in SVB's reputation and relationship with its clients. There's hope, then, of reviving a dead bank — something that can happen only in an environment conducive to such miraculous feats.
Another troubled bank, First Republic, rallied after it was reported that U.S. authorities were considering giving the bank more time to shore up its liquidity. It might not need much more time, not only thanks to
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CNBC Daily Open: First Citizens struck a great bargainInvestors liked First Citizens Bank's deal to buy Silicon Valley Bank’s deposits and loans so much that they pushed its stock 53.74% higher.
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CNBC Daily Open: SVB deposits and loans find a buyerFirst Citizens bank agreed to buy Silicon Valley Bank’s deposits and loans, suggesting there is still confidence in the U.S. banking sector.
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First Citizens Bank to buy SVB's deposits, loans from FDICFirst Citizens Bank & Trust Co will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement.
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