Credit Suisse, chairman of Saudi National Bank resigns. Svb, assets purchased by First citizen bank- Corriere.it
The thud in the Credit Suisse stock market and the evaporated share of the Saudis
On March 10, before the crash, a Credit Suisse share was worth 2.50 Swiss francs; last Friday, March 24, the shares of the Swiss institute were only worth 0.76 Swiss francs. This is equivalent to saying that the equivalent value of the stake held by Saudi National Bank in the Swiss bank has decreased by less than a third in two weeks. While 7.34 Swiss francs had been the maximum price of the Credit Suisse stock in the last 52 weeks: that is, ten times more than it is worth today.
In America, SVB's assets end up in First Citizen Bank
Meanwhile, First Citizen Bank will acquire a large part of the Silicon Valley bank, the Californian institution that went bankrupt a few weeks ago and which was the point of reference for loans and deposits of many technology companies. The transaction involves 72 billion of assets, discounted by 16.5 billion dollars, according to what was communicated by the market regulators (Federal Deposit Insurance Corporation). The Fdic also specified that SVB had 167 billion in assets and 119 billion in deposits last March 10, when the bankruptcy was announced.
The 17 former SVB branches will open today as First Citizens, the Federal Deposit Insurance Corporation said.
First Citizens, based in Raleigh (North Carolina), defines itself as the largest family-owned US bank and has been among the most active buyers of financially troubled entities in recent years.