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Evening Standard
Evening Standard
Business
Simon English

Family run US bank rescues tech lender Silicon Valley Bank

Silicon Valley Bank United States First Citizens SVB FDIC Credit Suisse UBS

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

SVB’s UK arm was sold to HSBC for £1 in a rescue bid two weeks ago, a deal that calmed tech sector nerves in this country.

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