U.S. regulator planning another SVB auction - WSJ
Tweet
Share
E-mail
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FNBO to acquire Blue Ridge Bank in Missouri for $850 million in assets
- UK construction activity shrinks at fastest pace since 2020, PMI shows
- Nvidia CEO mounts charm push in South Korea with TV talk show, baseball appearances
Create E-mail Alert Related Categories
Mergers and Acquisitions, ReutersRelated Entities
FDICSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
