CITY AM – Don’t panic
The front page of the London business paper reports on the banking crisis – saying markets were soothed by Credit Suisse rescue.
First Silicon Valley Bank, then Credit Suisse, and now Signature Bank is bought out for £2.2bn
CITY AM SAYS New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday.
The 40 branches of Signature Bank will become Flagstar Bank, starting on Monday.
This comes after UBS agreed to purchase beleaguered Credit Suisse to stop the “unthinkable” happening.
Flagstar is one of New York Community Bank’s subsidiaries. The deal will include the purchase of 38.4 billion dollars (£31.5 billion) in Signature Bank’s assets, a little more than a third of Signature’s total when the bank failed a week ago.
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