Page 48 - Banks

Silicon Valley Bank successor's auction extended by FDIC for potential deal

The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal. The FDIC said Monday that there's been substantial interest from multiple parties for Silicon Valley Bridge Bank. The agency said it's going to allow parties to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank in order to simplify the bidding process and expand the pool of possible bidders. Qualified insured banks and qualified insured banks working with non-bank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions. Bank and non-bank financial firms will be allowed to bid on asset portfolios. Bids for Silicon Valley Bridge Bank must be submitted by by 8:00 p.m. ET on Friday, while bids for Silicon Valley Private Bank are due by 8:00 p.m. ET on Wednesday. On Friday the parent of Silicon Valley Bank filed for Chapter 11 ..

Lost half my money to this banking thing, says Sharon Stone on SVB collapse

The American actress in an emotional speech appealed to the guests present at the fundraiser to donate more, while also sharing her financial troubles

UBS takes over Credit Suisse: Everything you need to know about the crisis

Credit Suisse crisis: Swiss government said it would provide $9 bn to help UBS meet the possible losses while taking over Credit Suisse, and Swiss National Bank will provide $100 bn of liquidity

Esma to penalise but let European Union banks deal with India CCPs

Though April 30 deadline stands, EU regulator gives a breather to European banks

Lesson for India from the Silicon Valley Bank collapse

The rules of the games are not the same on the US and Indian banking turfs but if risks are mispriced, the fallout could be similar

Credit Suisse's 1st boston plan in doubt as Swiss lender nears forced sale

Klein and others had already been talking to interested parties as they sought to line up investors for the business

First Republic Bank's financial woes deepening despite cash infusion

US' First Republic Bank's financial woes appeared to be deepening despite an industry-led emergency cash infusion, media reports said.

Credit Suisse under pressure to merge with UBS, meets to weigh options

Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG

Bank turmoil poses a $600 billion question for battered investors

Bank investors have largely been selling first and leaving that question for later. Around $600 billion dollars of market value has evaporated from the 70 biggest US and European banks since March 6

US banking turmoil hits the prices of ADRs for domestic banks, shows data

Analysts say domestic banks' dependence on local depositors insulates them from the crisis

Banking crisis: No Europe contagion after US bank rescues, says ECB

Credit Suisse saw over $450 million in net outflows from its US and European managed funds from March 13 to 15, Morningstar Direct said on Friday

Assessing contagion: 'Little, then lottle', like ketchup coming out of bottle

In every systemic crisis, there are initial soothing noises from regulators and commentators: There won't be contagion. Except that eventually there is contagion more often than not, writes T N Ninan

Credit Suisse gets lifeline of $54 bn. Now it's time to win back clients

The bank has consistently said it has sufficient liquidity, a position the backstop only strengthens

Silicon Valley Bank looking for a buyer after dragged-out FDIC sale failed

It's left a mess that government officials, banking agencies and potential bidders are still trying to work out as they also navigate a deal for Signature Bank and try to bolster First Republic Bank

FSIB recommends Ashwani Kumar for the post of managing director of UCO Bank

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Thursday recommended the name of Indian Bank executive director Ashwani Kumar for the post of managing director of UCO Bank. Prior to joining Indian Bank, Kumar was serving as chief general manager of Mumbai Zone of Punjab National Bank (PNB). The Financial Services Institutions Bureau (FSIB) interviewed 11 candidates from various public sector banks (PSBs) for the forthcoming positions of MD & CEO in PSBs, the Bureau said in a statement. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Ashwani Kumar for the position of MD & CEO in UCO Bank vice Soma Sankara Prasad who is completing his tenure on May 31, 2023," it said. The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secretary, Department of ...

Credit Suisse explodes into full-blown crisis as stocks, bonds crater

The stock fell as much as 31%, hitting record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress

BofA gets more than $15 bn in deposits after Silicon Valley Bank collapse

The inflows offer a first glimpse into deluge of deposits that made its way to the country's largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail

Justice Department, SEC to probe into collapse of Silicon Valley Bank

The Justice Department and the Securities and Exchange Commission have launched investigations into the collapse of Silicon Valley Bank, a person familiar with the matter told The Associated Press. The investigations - which are separate inquiries - are in the early stages and will also examine the actions of the bank's senior executives, the person said. The Justice Department's investigation involves federal prosecutors in California, along with prosecutors involved in fraud cases, the person said. The person was not authorized to publicly discuss the specific details of the ongoing investigations and spoke to the AP on condition of anonymity.

SVB fallout: Nazara Tech says Rs 60 cr shifted to other bank accounts

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step-down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance of Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. "From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said. The abrupt failure of SVB last week had left many startups, tech companies, entrepreneurs and VC funds nervous and jittery about their deposits. SVB was deeply entrenched in the tech startup ecosystem and the default bank for many .

Banks from 18 nations open 30 special vostro accounts for trade in rupee

Several banks, including HDFC Bank and UCO Bank, have opened as many as 30 special vostro accounts as of date to facilitate overseas trade in the rupee, a top government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as of date, some 18 countries have already opened special vostro accounts with Indian banks. "About 30 banks from overseas countries have signed up with 30 banks on our side, so 30 accounts...The transaction has started in bits and pieces," he told reporters here. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July last year. Another Russian bank Gazprom, which does not have its unit in India, has also opened this account with Kolkata-based UCO Bank. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade