SVB customers pressured to repay loans despite lost deposits
Despite the Federal Deposit Insurance Corp. (FDIC) seizing Silicon Valley Bank (SVB) customers' deposits in Asia, they remain indebted to First Citizens Bank for outstanding loans. SVB's branch in the Cayman Islands, which held clients from China, Singapore, and other parts of Asia, was not part of the deal. First Citizens said it is willing to provide debt extensions to some Asian funds, but requests for additional credit-line increases will no longer be approved. SVB's Cayman depositors will be viewed as general unsecured creditors and can file claims by July 10.