Apollo Global Management and Blackstone have expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week, people with knowledge of the matter said.
Apollo Global Management Inc. and Blackstone Inc. have expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week, people with knowledge of the matter said.
The bank had US$73.6 billion of loans as of Dec. 31, 2022. The size of the loan book Apollo and Blackstone are interested in couldn't immediately be determined. Blackstone is also looking at other assets it may purchase from the bank, one of the people said. The Federal Deposit Insurance Corp. took over Silicon Valley Bank on Friday, after its long-established customer base of tech startups began withdrawing deposits en masse.
The loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused Silicon Valley Bank's demise, the people said. A representative for SVB didn't immediately return a request for comment.
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