Extended deadline for Silicon Valley Bank
In the FDIC statement, it was noted that more than one party showed interest in SVB’s tender, indicating that more time is needed to maximize bids and evaluate all options.
The parties may submit separate bids for SVB and its subsidiary, Silicon Valley Private Bank, to simplify the bidding process and broaden the pool of potential bidders.
EXTENDED 2 DAYS
In the statement, it was noted that offers for Silicon Valley Private Bank will be received until 20:00 New York time on Wednesday, and it was indicated that offers for SVB can be made until 20:00 on Friday.
A trustee was appointed on March 10 for SVB, the 16th largest bank in the US, making it one of the biggest bankruptcies since the 2008 global financial crisis.
A deal was reportedly reached for the acquisition of New York-based Signature Bank, which failed after SVB, by a subsidiary of New York Community Bank. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
