Another SIV has been bailed out by a major bank. Dutch bank Rabobank will move $7.6 billion of SIV assets onto its balance sheet.
The SIV in question, Tango Finance, was co-managed with Citigroup (C).
According to the FT management at the financial firm explained the move: Eddie Villiers, responsible for European sales at Rabobank, said: “The current SIV business model is dead and so there is no prospect of its survival in its current form.
While two other overseas banks, HSBC (HBC) and Standard Chartered, have also taken SIV assets onto their balance sheets, no US bank has taken a similar move.
But, it may well happen.
Douglas A. McIntyre
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
