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...NYCB bought the operations of Signature Bank, another lender that collapsed last year, in a deal arranged by the Federal Deposit Insurance Corp....
...Indeed, UniCredit will probably buy back and consolidate its insurance businesses, at present held within joint ventures with insurance companies....
...into bank parent companies....
...Also in the group is Manuel Sánchez Rodriguez, a former top executive at Spanish bank BBVA and a board member, since 2018, of the US government-backed mortgage insurance company Fannie Mae....
...Regional banks are essential for a competitive banking system, particularly for mid-sized business clients....
...“The insurance industry has a problem in that region for the foreseeable future.”...
...deposit insurance fund had to cover, from the bank failures last year....
...“For example, we regularly met with regional health insurance company AOK.”...
...Profits were dragged down by one-off charges linked to last year’s regional banking crisis....
...Federal Deposit Insurance Corp chair Martin Gruenberg has warned that the sharp rise in this “hot money” presents liquidity risks....
...Since the collapse of several large US regional lenders last March, Blackstone has been buying assets from banks and managing them on behalf of its credit and insurance clients....
...As Sonali Basak pointed out on Bloomberg last week, if the assets are held within insurance-company subsidiaries, insurance regulators will have visibility, and there will be some required disclosures....
...Nearly half came from its Athene insurance unit....
...The latest fall in NYCB’s stock was not echoed in the wider regional banking sector. The KBW Regional Bank index, which includes NYCB, closed down just 0.4 per cent on Wednesday....
...Twelve months after the failure of Silicon Valley Bank shook the regional banking sector, NYCB’s recent struggles have underscored the continuing fragility at some US lenders....
...It is still basically a regional bank, albeit a big one....
...But this company has a strong foundation, strong liquidity and a strong deposit base, which gives me confidence for our path forward,” DiNello told analysts....
...Stocks of other smaller banks also fell, with the KBW Regional Bank index declining by 6 per cent....
...Nearly a year after Silicon Valley Bank collapsed, it is tempting to dismiss the US regional banking crisis as a very loud tempest in a relatively small teapot....
...The investment managers that form the layer in between get their capital from insurance companies, sovereign wealth funds, pension funds and so forth....
...They have put forward far-reaching proposals to tighten capital rules for large and regional US banks....
...The last significant US bank to fail was First Republic, which was closed by the Federal Deposit Insurance Corporation in early May....
...Signature Bank failed in March shortly after the collapse of Silicon Valley Bank spurred a run on deposits at midsized US regional banks....
...US regional banks are rushing to exploit rules that allow depositors to hold tens of millions of dollars in insured accounts, offering security far exceeding government-backed insurance to soothe clients...
...“One of these days, some life insurance company is going to get whacked on their private credit . . . You can have a run on a life insurance company.”...
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