Tim Mayopoulos, the new chief executive of Silicon Valley Bridge Bank, has urged customers to return following SVB's historic collapse — and is asking them to do so with their deposits.
The Federal Deposit Insurance Corporation at the weekend transferred all deposits and assets from the failed SVB to a so-called bridge bank. Mr Mayopoulos was named the bank's chief executive on Monday, and on Tuesday sought to reassure customers that the bank was fully operational.
“We are open for business and are hard at work bringing all systems and solutions back online to support you,” he wrote in a note.
A bridge bank temporarily assumes control of a failed bank's assets and liabilities. The Silicon Valley Bridge Bank is currently operated and insured by the FDIC.
“We are doing everything we can to rebuild, win back your confidence, and continue supporting the innovation economy. We recognise the past few days have been an extremely challenging time, and we are grateful for your patience.”
Federal regulators took over SVB last week following the largest banking collapse since Washington Mutual in 2008.
In televised remarks on Monday, President Joe Biden said customers at the failed bank would have access to all their funds, even if that exceeds the FDIC's $250,000 coverage limit.
“All customers who had deposits in these banks can rest assured they'll be protected and they'll have access to their money as of today,” Mr Biden said.
Mr Mayopoulos urged customers to return to the bank by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits.
“If you, your portfolio companies or your firm moved funds within the past week, please consider moving some of them back as part of a secure deposit diversification strategy,” he said.
He also said the bank is “open for business” for new customers and creating new accounts and making new loans.
Federal agencies open investigations into SVB collapse
The US Justice Department and Securities and Exchanges Commissions have opened separate investigations into SVB's collapse after it was taken over by federal regulators, The Wall Street Journal first reported.
Part of the Justice Department's investigation will examine any stock sales by SVB's financial officers before the bank's collapse. The probe involves FBI agents in the agency's San Francisco and Washington bureaus.
The two investigations are still in the preliminary stages and may not lead to any charges, according to The Wall Street Journal.
SVB was the 16th largest bank in the US with about $209 billion in total assets before it failed last week.
Federal Reserve Chairman Jerome Powell said the central bank would also launch an inquiry into SVB's collapse.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Killing of Qassem Suleimani
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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MATCH INFO
Asian Champions League, last 16, first leg:
Al Ain 2 Al Duhail 4
Second leg:
Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MORE ON IRAN'S PROXY WARS
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Off-roading in the UAE: How to checklist
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
