Regional banks jump after First Citizens acquires SVB loans, deposits

First Citizens Bancshares (Tennessee)

27/03/2023 11:07

** Shares of regional banks rise premarket on Monday after
failed lender Silicon Valley Bank's assets, loans and deposits
find a buyer
    ** First Republic Bank  FRC.N , Citizens Financial  CFG.N ,
Fifth Third Bancorp  FITB.O , Zions Bancorporation  ZION.O ,
Western Alliance  WAL.N , PacWest Bancorp  PACW.O , Comerica
 CMA.N  and KeyCorp  KEY.N  climb between 1.5% and 27% premarket
    ** First Citizens BancShares Inc  FCNCA.O  said it would
acquire deposits and loans of Silicon Valley Bank, closing one
chapter in the crisis of confidence that has ripped through
global financial markets  urn:newsml:reuters.com:*:nL1N35Y0IP
    ** Acquisition concludes worst banking collapse since 2008
that saw banking stocks wipe away billions of dollars in market
value and sent tremors throughout the global financial sector
    ** At previous close, S&P 500 Regional Banks Index
 .SPLRCBNKS  was down 33.7% YTD, underperforming a 3.4% rise in
S&P 500  .SPX  in the same period

 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))