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Credit Suisse sale expected; SVB auction extended

Colm Kelleher, chairman UBS, left, and Swiss Finance Minister Karin Keller-Sutter during a press conference in Bern, Switzerland, Sunday. Associated Press/Photo by Peter Klaunzer, Keystone

Credit Suisse sale expected; SVB auction extended

Swiss regulators announced on Sunday that Switzerland’s Union Bank of Switzerland will buy its rival Credit Suisse. Investment analyst David Bahnsen told WORLD that the $3.25 billion sale could boost investors’ confidence. Bahnsen added that there is still uncertainty about how the deal will affect other European banks.

What’s this about the SVB auction? U.S. regulators seized Silicon Valley Bank after its recent collapse. The Federal Deposit Insurance Corporation is now extending the auction and trying to sell off the bank in two separate parts. The FDIC will allow bidding for Silicon Valley Private Bank until Wednesday evening. Silicon Valley Bridge Bank will be available for bidding until Friday evening.

Dig deeper: Read Jerry Bowyer’s column in WORLD Opinions about how SVB built its foundation on the sand.

Josh Schumacher

Josh is a breaking news reporter for WORLD. He’s a graduate of WORLD Journalism Institute and Patrick Henry College.

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