SVB's new head says US bank open for business, asks depositors back

By Ovunc Kutlu

ISTANBUL (AA) - The new head of demised Silicon Valley Bank (SVB) said Tuesday that the institution is open for business, asking depositors to bring back their money.

"We are open for business and are hard at work bringing all systems and solutions back online to support you. We are making new loans and fully honoring existing credit facilities," Tim Mayopoulos said in a statement.

"The number one thing you can do to support the future of this institution is to help us rebuild our deposit base, both by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits that left over the last several days," he added.

SVB, last week, sold its $21 billion bond portfolio at a $1.8 billion loss. It was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.