Silicon Valley Bank’s new boss Tim Mayopoulos on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by Reuters.
Earlier in the day, the U.S. Federal Deposit Insurance Corp 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.
The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access to their money beginning Monday morning.
In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.
“I look forward to getting to know the clients of Silicon Valley Bank…I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18,” Mayopoulos added in the letter.
RELATED STORIES:
FDIC names former Fannie Mae chief as CEO of Silicon Valley Bank
Silicon Valley Bank collapse: What you need to know
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
