Silicon Valley Bank 'conducting business as usual', says new CEO

All the existing and new deposits are now protected by the financial regulator US Federal Deposit Insurance Corp (FDIC)

A sign for Silicon Valley Bank is seen in Menlo Park, California US. Credit: Reuters Photo

Silicon Valley Bank N.A's new Chief Executive Officer Tim Mayopoulos said in a letter to clients on Monday that the lender is open and conducting business as usual.

All the existing and new deposits are protected by the financial regulator US Federal Deposit Insurance Corp (FDIC), according to the letter seen by Reuters, adding that the bank is conducting business as usual within the United States and expected to resume cross-border transactions in the coming days.

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FDIC had tapped Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets.