Silicon Valley Bank's customers in Asia whose deposits were recently seized by the U.S. Federal Deposit Insurance Corp (FDIC) are under pressure to repay loans to First Citizens Bank, The Wall Street Journal reported on Monday.According to the report, when SVB failed in March, the FDIC stepped in to prote
Silicon Valley Bank's customers in Asia whose deposits were recently seized by the U.S. Federal Deposit Insurance Corp are under pressure to repay loans to First Citizens Bank, The Wall Street Journal reported on Monday.
According to the report, when SVB failed in March, the FDIC stepped in to protect all of the California bank's U.S. deposits and arranged a sale of the lender's U.S. customer accounts, branches and loans to First Citizens Bancshares. Left out of that deal was SVB's branch in the Cayman Islands, which had deposits from the bank's clients in China, Singapore and other parts of Asia, including venture-capital and private-equity firms with funds that domiciled in the British overseas territory, the report said.
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