Business as usual at Silicon Valley Bank, says new CEO

Staff outside the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California Friday. Pic/AFP

Silicon Valley Bank N.A's new Chief Executive Officer, Tim Mayopoulos, said in a letter to clients on Monday that the lender is open and conducting business as usual.

All the existing and new deposits are protected by the financial regulator U.S. Federal Deposit Insurance Corp (FDIC), according to the letter seen by Reuters, adding that the bank is conducting business as usual within the United States and expected to resume cross-border transactions in the coming days.

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FDIC had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets. In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.

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