U.S. regulator planning another SVB auction - WSJ
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A security guard stands outside of the entrance of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small
(Reuters) - U.S. regulators are planning to try again to auction failed Silicon Valley Bank, after they were unable to find a buyer over the weekend, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Federal Deposit Insurance Corp (FDIC) officials told Senate Republicans that they had additional flexibility to sell the firm now that SVB's failure had been declared a threat to the financial system, the report said.
That could help regulators offer potential buyers deal sweeteners such as loss-sharing agreements, the report added.
U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)
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