Silicon Valley Bank: Collapsed US lender bought by rival

The failure of SVB earlier this month triggered fears about the stability of other lenders, sparking sharp falls in bank shares around the world.

In Europe, worries over the strength of Swiss banking giant Credit Suisse led to a rushed takeover by rival UBS.

Nerves among investors have remained, and bank shares fell sharply on Friday.

SVB was seized by US regulators earlier this month after a run on the bank, and its collapse was swiftly followed by the failure of another US bank Signature Bank.

The demise of the two were the biggest bank failures in the US since the financial crisis of 2008.

Under the SVB takeover deal, announced by the US Federal Deposit Insurance Corporation (FDIC), all 17 former SVB branches will open under the First Citizens brand on Monday.

SVB customers are being advised to continue using their current branch until they receive notice from First Citizens Bank that their account has been fully moved across.

First Citizens is based in Raleigh, North Carolina and calls itself America's biggest family-controlled bank. It has been one of the largest buyers of troubled banks in recent years.

It has bought around $72bn of SVB's assets and loans at a discount of $16.5bn. The FDIC will still hold about $90bn of SVB's assets.

-bbc