On Wednesday, a government official told the Wall Street Journal that the Cayman Islands Monetary Authority (CIMA) is considering legal action after the U.S. Federal Deposit Insurance Corp took Silicon Valley Bank’s deposits.
According to meeting attendees, Cayman Islands Minister of financial services and Commerce André Ebanks told SVB depositors in Hong Kong last week that financial regulator CIMA has hired lawyers and is looking for methods to help them.
Reuters requested a response from CIMA.
California regulators closed Silicon Valley Bank in March, and First Citizens BancShares (FCNCA.O) bought it with FDIC assistance, draining $20 billion from a bank-funded government insurance fund.
