News

UBS shares open down 14% after Credit Suisse deal

A unit of New York Community Bancorp has agreed to buy “substantially all” deposits and some loan portfolios of the collapsed Signature Bank, the US federal deposit agency announced on Sunday.

From Monday, Flagstar Bank will acquire 40 former Signature branches, which will be rebranded under its name, the Federal Deposit Insurance Corporation said.

The transaction included the purchase of about $38.4bn of Signature assets, including loans of $12.9bn purchased at a discount of $2.7bn, FDIC said.

The acquisitions by Troy, Michigan-based Flagstar did not include $4bn in Signature’s digital deposits.

Articles You May Like

3 Attractive Large Caps Investors Shouldn’t Ignore
Telegraph titles set to be sold after Lloyds calls in receivers
Tornado Cash 2.0: The race to build safe and legal coin mixers
Dev shares how ENS plays a role in decentralized social media
China’s stimulus could focus on its ‘dire’ property sector. Here’s what economists expect