First Citizens in race to buy collapased SVB

SAN FRANCISCO: As Wall Street giants move to end the spiralling banking crisis in the US, First Citizens BancShares Inc is reportedly considering making an offer to acquire the collapsed Silicon Valley Bank.

As per a media report, citing sources, at least one other suitor is making a serious consideration for the collapsed bank and that could be First Citizens.

Although nothing could be confirmed at the moment.

SVB and First Citizens did not immediately respond to the report. This will be the US FDIC’s second attempt at selling SVB after a failed attempt last week.

Meanwhile, efforts are on to save troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil.

Bank of America, Goldman Sachs, JP Morgan and others will deposit $30 billion in First Republic, which has seen customers yank their money following the collapse of SVB and fears that First Republic could be next, reports earlier said.

Ratings giant Moody’s has warned of more pain ahead for the US banking system after a run on deposits led to the collapse of Silicon Valley Bank.