off-the-wire

BlackRock to kick off sales of securities of failed banks - Bloomberg News

Kitco Media
By Reuters
Published:
Updated:
Reuters

April 17 (Reuters) - Asset manager BlackRock Inc (BLK.N) plans to start sale of securities of the banks that collapsed in March, Bloomberg News reported on Monday citing emails.

Earlier this month, the Federal Deposit Insurance Corp (FDIC) retained BlackRock's unit to sell the securities portfolios it kept in receivership after the collapse of Signature Bank and Silicon Valley Bank.

The sale, set to begin Tuesday, will help the FDIC offload $114 billion of assets it picked up from both banks, the report said, adding BlackRock's financial markets advisory unit will launch mortgage-backed security pool sales and continue the process later in the week.

BlackRock and FDIC did not immediately respond to Reuters' requests for comment.

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri
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