off-the-wire

FDIC extends bidding window for SVB, seeks separate sale of private unit

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 20 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) said on Monday it has extended the bidding process for Silicon Valley Bridge Bank N. A to Friday, March 24.

The regulator is also seeking bids for Silicon Valley Private Bank until Wednesday, March 22. The private bank, which is housed within SVB's retail operations, caters to high net-worth individuals.

Last week, sources told Reuters that the FDIC was planning to relaunch the sale process for SVB, with the regulator seeking a potential break-up of the failed lender.

The parent company of the lender SVB Financial Group had on Friday filed for a reorganization under Chapter 11 bankruptcy protection and sought buyers for its assets after steps to shore up investor confidence failed.

Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur
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