March 22 (Reuters) – The Federal Deposit Insurance coverage Company (FDIC) has moved the bid deadline for Silicon Valley Personal Financial institution to Friday from Wednesday, in line with a supply conversant in the matter.
The non-public financial institution caters to excessive net-worth people and presents wealth administration providers.
The bids for the unit have been initially due at 8 p.m. ET on Wednesday.
Earlier this week, the FDIC determined to interrupt up Silicon Valley Financial institution and maintain two separate auctions for its conventional deposits unit and its non-public financial institution after failing to discover a purchaser for the failed lender final week.
The FDIC, which has held the lender beneath its receivership since earlier this month, declined to remark.
The regulator’s transfer was first reported by Bloomberg Information.
Reporting by Niket Nishant in Bengaluru and David French in New York; Modifying by Shounak Dasgupta
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