US regulator sells failed Signature Bank assets to another lender

THE US banking regulator has struck a deal to sell most of the assets of the failed Signature Bank to another institution, the agency said yesterday.

The Federal Deposit Insurance Corporation (FDIC) a week ago seized Signature Bank after it imploded in the wake of the collapse of Silicon Valley Bank (SVB) earlier this month, a failure that has sent convulsions through the global banking sector.