Silicon Valley Financial institution ‘conducting enterprise as regular’, new CEO says By Reuters

© Reuters. Prospects wait in line outdoors a department of the Silicon Valley Financial institution in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder

(Reuters) – Silicon Valley Financial institution’s new boss Tim Mayopoulos on Monday advised purchasers that the lender is open and conducting enterprise as regular, in accordance with a letter seen by Reuters.

Earlier within the day, the U.S. Federal Deposit Insurance coverage Company had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Financial institution N.A, after the regulator took management of SVB following its collapse that crippled shares and triggered issues of a contagion all through international markets.

The regulator transferred all deposits of Silicon Valley Financial institution to this newly created bridge financial institution and had mentioned all depositors can have entry to their cash starting Monday morning.

Within the letter to purchasers, Mayopoulos mentioned that the financial institution will present extra data as quickly because it was obtainable.

“I look ahead to attending to know the purchasers of Silicon Valley Financial institution…I additionally come to this function with expertise in these sorts of conditions. I used to be a part of the brand new management staff that joined Fannie Mae within the wake of the monetary disaster in 2008-09, and I served because the CEO of Fannie Mae from 2012-18,” Mayopoulos added within the letter.

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