Shulou(Shulou.com)11/24 Report--

CTOnews.com March 27 news, according to foreign technology media TechCrunch reported that the first Citizen Bank Co., Ltd. (First Citizens BancShares) has agreed to buy Silicon Valley Bank (Silicon Valley Bank). Regulators say the collapse of Silicon Valley banks is estimated to cost the deposit insurance fund about $20 billion.

The Flicker deal includes the acquisition of about $72 billion (CTOnews.com) assets of Silicon Valley Bank at a discount of $16.5 billion (CTOnews.com Note: currently about RMB 113.355 billion). Silicon Valley Bank, on the other hand, will continue to be supervised by FDIC for about $90 billion (CTOnews.com Note: currently about 618.3 billion yuan).

FDIC has been trying to sell Silicon Valley Bank for more than two weeks. FDIC initially tried to package and sell all Silicon Valley bank assets at once, but no one was willing to take over by the initial deadline for bidding. Potential buyers such as JPMorgan Chase and Bank of America are reported to be reluctant to bid, and Goldman Sachs rejected the offer.

FDIC said Silicon Valley Bank's 17 former branches will reopen as First Citizens Bank next Monday.

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