U.S. mid-tier lenders shares rise in Frankfurt after SVB deal

LONDON (Reuters) – The Frankfurt-listed shares of several mid-tier U.S. lenders rose sharply on Monday, after a buyer emerged for large chunks of embattled Silicon Valley Bank’s deposits and loans, which helped inject some much-needed calm into fragile markets.

Shares in Pacific West Bancorp surged 16% in thin volumes in Frankfurt, while those in First Republic rose 7%.

First Citizens BancShares Shares bought all the loans and deposits of SVB and gave the Federal Deposit Insurance Corp equity appreciation rights in its stock worth as much as $500 million in return, the FDIC said in statement.

Frankfurt-listed shares of First Citizens were indicated 7.4% higher.

Shares in Keycorp, Western Alliance (NYSE:) and Zions were indicated between 3.6% and 8% higher, although no trading volume had gone through by 0700 GMT, according to Refinitiv data.