(Reuters) – Silicon Valley Bank’s new boss Tim Mayopoulos on Monday told clients the lender is open and conducting business as usual, according to a letter seen by Reuters.
Earlier today, the US Federal Deposit Insurance Corporation tapped former Fannie Mae head Mayopoulos as CEO of a newly created entity, named Silicon Valley Bank NA, after the regulator took control of SVB following its collapse. crippled stocks and raised concerns of a contagion in global markets.
The regulator transferred all Silicon Valley Bank deposits to this newly created bridge bank and said all depositors will have access to their money starting Monday morning.
In a letter to clients, Mayopoulos said the bank will provide more information as it becomes available.
“I look forward to getting to know the clients of Silicon Valley Bank…I also come to this role with experience in these types of situations. I am part of the new leadership team that joined Fannie Mae after the financial crisis . in 2008-09, and I served as CEO of Fannie Mae from 2012-18,” Mayopoulos added in the letter.
(Reporting by Kanjyik Ghosh and Krystal Hu; Editing by Rashmi Aich)
