March 25 (Reuters) – Valley Nationwide Bancorp (VLY.O) is vying to purchase Silicon Valley Financial institution (SIVB.O), Bloomberg Information reported on Saturday.
The regional financial institution has submitted a bid to the Federal Deposit Insurance coverage Corp (FDIC), the report stated, citing folks accustomed to the matter.
The FDIC which now controls the Silicon Valley Financial institution property, when requested for a touch upon the report stated it isn’t confirming or commenting on names being reported as potential bidders for SVB. Valley Nationwide Bancorp didn’t instantly reply to a request for remark.
First Residents BancShares Inc (FCNCA.O), one of many greatest patrons of failed U.S. lenders, has additionally submitted a bid for all of Silicon Valley Financial institution, a supply instructed Reuters earlier this week. learn extra
After failing to promote SVB’s non-public banking enterprise alongside Silicon Valley Financial institution during the last two weeks, the FDIC has requested for separate gives for the financial institution and its non-public arm by March 24. It’s anticipated to announce a winner as early as this weekend.
Reporting by Akanksha Khushi in Bengaluru, enhancing by Deepa Babington and Marguerita Choy
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