European stocks rebound as banking jitters ease

European stocks climbed on Monday, as a sense of calm returned to markets following a week of turbulence over concerns about banking sector stability after the collapse of Credit Suisse and two U.S. mid-sized lenders.

The pan-European STOXX 600 index rose 0.9 percent, with investors drawing comfort from news that First Citizens BancShares Inc would acquire Silicon Valley Bank’s deposits and loans.

European banks rose 0.9 percent after shedding 3.8 percent on Friday, when Deutsche Bank sparked a rout in the sector. Shares of the German lender were up 3.3 percent after tumbling 8.5 percent on Friday.

Shares of Swiss bank UBS, which took over Credit Suisse in a rescue deal last wee…

Keep on reading: European stocks rebound as banking jitters ease