Silicon Valley Bank News: After the FDIC auction process for finding a potential buyer for the Silicon Valley Bank (SVB) did not yield results over the weekend, another round of auction appears to be in the making. This comes after reports said the Federal Deposit Insurance Corp (FDIC) felt it had more reasons to sell the bank in the context of the larger market impact it had over the last few days. Meanwhile, the crypto market is showing bullish signs as Bitcoin price breached the $26,000 milestone for the first time in about three months.
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The SVB’s businesses are spread out among four broad categories — global business solutions, business banking, liquidity solutions and global fund banking. The bank is now operating in the form of a full service FDIC operated bridge bank.
SVB Sale In Parts?
Meanwhile, Charles Gasparino, a Fox Business journalist, revealed that the failed bank’s potential owners are preferring to acquire pieces of its businesses rather than buying the whole entity. He said,
“People close to SVB bidding process say potential owners are hesitant to buy the entire entity, and focusing on pieces. The reason: Experience of JP Morgan, Bank Of America, which bought Bear and Merrill after the financial crisis and saddled with billions of unforeseen liabilities.”
Earlier, the FDIC was looking to quickly find a buyer for the failed bank amid all the FUD in the market. However, those efforts failed as no real winner came out of the final bids by Sunday.
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