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. Reuters
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. Reuters
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. Reuters
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. Reuters

Silicon Valley Bridge Bank new CEO urges customers to return


Kyle Fitzgerald
  • English
  • Arabic

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.

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

Why are you, you?

Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.

Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.

 Ben Okri,

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

Updated: March 15, 2023, 3:01 PM