The regulator transferred all deposits of the lender to the recently created bridge bank and told that all depositors would be able to access their money beginning from 13 March (Monday) morning

Tim Mayopoulos, the new owner of Silicon Valley Bank informed the clients via a letter that the bank is open and conducting business as usual, Reuters reported on Monday.

The US Federal Deposit Insurance Corporation (FDIC) had tapped erstwhile Fannie Mae head Mayopoulos as CEO of the recently developed entity called Silicon Valley Bank N.A. The move comes after the regulator took control of SVB following its shutdown that crashed stocks and triggered concerns of contagion throughout global markets.

The regulator transferred all deposits of the lender to the recently created bridge bank and told that all depositors would be able to access their money beginning on 13 March (Monday) morning.

'Conducting Business As Usual', Says New SVB CEO After Its Closure

The regulator transferred all deposits of the lender to the recently created bridge bank and told that all depositors would be able to access their money beginning from 13 March (Monday) morning