European banks shares rise after SVB deal

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27-03-2023 | 04:37
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European banks shares rise after SVB deal
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European banks shares rise after SVB deal

European bank stocks rose for the first time in nearly a week on Monday, bouncing from last week's declines, after a buyer emerged for large parts of Silicon Valley Bank's deposits and loans, which helped ease some of the anxiety in the sector.

The STOXX banks index (.SX7P) rose 2.3% in early trading, after sinking 3.8% on Friday, and largely outperformed the broader stock market, with the pan European STOXX 600 (.STOXX) index rising 1.1%.

First Citizens BancShares Shares (FCNCA.O) bought all the loans and deposits of SVB and gave the Federal Deposit Insurance Corp equity appreciation rights in its stock worth as much as $500 million in return, the FDIC said in statement. Frankfurt-listed shares in First Citizens rose 9.4%.

The Frankfurt-listed shares of several mid-tier US lenders also rose sharply on Monday.

Reuters 
 

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