SVB salvage lands First Citizens with $18bn of FX contracts

Bank now holds seventh-largest stack of non-trading currency derivatives in the US

First Citizens Bank’s salvage of Silicon Valley Bank’s assets instantly grew its foreign exchange derivatives notional from near-nil to to $17.7 billion, making the acquisitive bank one of the US’s largest holders of such instruments in a non-trading capacity.

Until end-2022, First Citizens’ only notional exposure to currency derivatives had been from $134 million in forward contracts. Following the acquisition of SVB’s carcass from federal administrators in late March, FX-related notional

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