03:59 PM EDT, 03/20/2024 (MT Newswires) -- First Citizens Bank (FCNCA) entered an agreement to acquire Silicon Valley Bank's operations in India for around $21.8 million, recent court document shows.

First Citizen's has been trying to buy SVB India since August 2023 after acquiring a large part of the Silicon Valley Bank's US operations, following its collapse in March 2023, according to the documents filed in US Bankruptcy Court for the Southern District of New York.

First Bank did not immediately respond to a request for comment about the proposed sale.

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