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

- By Lorenzo Migliorato
- 19 May 2023

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

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