London/Oakland, California CNN —First Citizens Bank is buying most of the business of Silicon Valley Bank, the US tech lender that failed earlier this month. Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” on Monday, First Citizens said. The FDIC said First Citizens was getting the $72 billion in SVB loans at a discount of $16.5 billion. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund to be approximately $20 billion. It had to be rescued a week ago by bigger rival UBS (UBS) in an emergency takeover orchestrated by the Swiss government.

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