The U.S. Federal Deposit Insurance Corporation announced Sunday that it had established a bridge bank to handle customer accounts at recently closed Signature Bank.
Read also: What led to SVB failure and its impact on India
The FDIC said the new, government-run institution will ensure accounts operate uninterrupted while the regulator looks to find a buyer for the shuttered bank's assets. Signature Bank was closed earlier in the day as part of the fallout of bank turmoil spurred by Silicon Valley Bank's abrupt closure Friday.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.