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2023 03 27T070601Z 1 LYNXMPEJ2Q07G RTROPTP 4 GLOBAL BANKS SVB FIRST CITIZENS - Business Express

U.S. mid-tier lenders shares rise in Frankfurt after SVB deal


LONDON (Reuters) – The Frankfurt-listed shares of several mid-tier U.S. lenders rose sharply on Monday, after a buyer emerged for large chunks of embattled Silicon Valley Bank’s deposits and loans, which helped inject some much-needed calm into fragile markets.

Shares in Pacific West Bancorp surged 16% in thin volumes in Frankfurt, while those in First Republic rose 7%.

First Citizens BancShares Shares bought all the loans and deposits of SVB and gave the Federal Deposit Insurance Corp equity appreciation rights in its stock worth as much as $500 million in return, the FDIC said in statement.

Frankfurt-listed shares of First Citizens were indicated 7.4% higher.

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Shares in Keycorp, Western Alliance and Zions were indicated between 3.6% and 8% higher, although no trading volume had gone through by 0700 GMT, according to Refinitiv data.

 

(Reporting by Joice Alves; Editing by Amanda Cooper)

 

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