North Carolina-based First Citizens is set to acquire Silicon Valley Bank, which collapsed earlier this month, causing a ripple effect across the banking industry. The sale of Silicon Valley Bank includes the sale of all deposits and loans to First-Citizens Bank and Trust Co. As part of the agreement, deposits over the government-insured limit will be covered, enabling depositors to access their money. Swiss bank Credit Suisse and Deutsche Bank have also come under scrutiny amid concerns over higher interest rates. Investors hope such acquisitions may stabilise the market, with European shares already trading higher.

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