Business as usual at Silicon Valley Bank, says new CEO

15 March,2023 10:07 AM IST |  Santa Clara  |  Agencies

In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.

Staff outside the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California Friday. Pic/AFP


Silicon Valley Bank N.A's new Chief Executive Officer, Tim Mayopoulos, said in a letter to clients on Monday that the lender is open and conducting business as usual.

All the existing and new deposits are protected by the financial regulator U.S. Federal Deposit Insurance Corp (FDIC), according to the letter seen by Reuters, adding that the bank is conducting business as usual within the United States and expected to resume cross-border transactions in the coming days.

Also Read: Urination incident in American Airlines New York-Delhi flight; police says legal action being taken

FDIC had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets. In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!
world news
Related Stories