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First Citizens to Assume $72 Billion in SVB Deposits and Loans
Following First Citizens Bank & Trust Company’s agreement to assume $72 billion in deposits and loans of Silicon Valley Bridge Bank (SVBB), the North Carolina-based lender has opened 17 former SVP branches as its own. Silicon Valley Bridge Bank is the newly named Silicon Valley Bank (SVP), which was taken over by the FDIC after depositors made a run on it during a crisis of confidence...
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Risky Business: Bank of England Chief Advises Vigilance
Following the dual failures of Silicon Valley Bank and Credit Suisse, the market is “testing out” banks to discover weaknesses, Bank of England Governor Andrew Bailey told his country’s Treasury Select Committee in late March. Global banking stocks fared poorly after SVB’s collapse and UBS’ emergency takeover of Credit Suisse...
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Canadian Crescent Point Energy to Acquire Spartan Assets in $1 Billion+...
Calgary-based Crescent Point Energy has announced it will buy sustainability-focused Spartan Delta Corp’s oil and gas assets for $1.24 billion in cash. Spartan’s 600 locations in Alberta’s Montney region, which are adjacent to Crescent’s Kaybob Duvernay assets, will enhance production capacity by 38k barrels of oil equivalent per day...
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Private Equity Continues Targeting Healthcare
The number of private equity deals in healthcare rose from 325 in 2010 to over 1,000 in 2021, according to research from the University of Pennsylvania Leonard Davis Institute of Health Economics. “Private equity firms have invested nearly $1 trillion through thousands of deals to acquire hospitals and specialized practices in the last decade alone,” said Rachel M. Werner, MD, PhD, Executive Director of the institute...
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NAB the First to Conduct Cross-Border Ethereum Transaction
National Australia Bank (NAB) has completed an intra-bank cross-border transaction on a public blockchain, using its own stablecoin, marking a milestone as the first major financial institution to do so. NAB did the transaction on the Ethereum blockchain, using smart contracts for seven global currencies...
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US Bank Deposit Outflows Level Off
US Bank deposits have stabilized, according to an anonymous Swiss central bank official commenting on UBS’ acquisition of troubled Credit Suisse, Reuters reported. Outflows from smaller and mid-size banks to larger ones in the wake of the Silicon Valley Bank failure have slowed, ceased and in certain cases reversed, according to the source...
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Chinese Tech Startups Hit by Silicon Valley Bank Failure
Tech startups in China have been feeling the effects of the Silicon Valley Bank (SVB) shutdown in mid-March, according to CNBC. Chinese companies backed by dollar-denominated funds—with one source revealing it had tens of millions of dollars at SVB—are sensing the fallout following the U.S.’s second-largest bank failure...
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Wall Street Reacts to UBS Purchase of Credit Suisse
UBS has agreed to a $3.2 billion takeover of Swiss rival Credit Suisse (CS), saying it will move quickly to wind down its investment bank. “It's a historic day, and a day we hoped would not come,” UBS Chair Colm Kelleher said on a phone call that did not include CS executives or board members, according to Yahoo Finance...
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Uncertain Aftermath of SVB Failure Has Hints of the Past
Investors are looking backward for answers, following Silicon Valley Bank’s mid-March collapse, the largest such U.S. failure since 2008. Meantime, they are wondering what to expect next, according to CNN. Similarities to the 2008 global financial crisis exist, writes Nicole Goodkind, but the differences are more compelling...
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Largest U.S. Pension Fund Solid After Bank Failures, It Says
The California Public Employees Retirement System (CalPERS), which has a combined exposure of $78 million in Silicon Valley Bank (SVB) and Signature Bank, says it is resilient following the mid-March failures of the two institutions. Manager of the largest pension fund in the country, valued at $457.4 billion, CalPERS views its risk as minimal...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
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