The U.S. regulators on Monday decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.
Thomson ReutersA Silicon Valley Bank branch office is pictured in downtown San Francisco on March 13.It will seek bids for Silicon Valley Private Bank until March 22 and for the bridge bank until March 24. The private bank, which is housed within SVB's retail operations, caters to high net-worth individuals.
First Citizens BancShares Inc, one of the biggest buyers of failed U.S. lenders, is still hoping to strike a deal for all of Silicon Valley Bank, according to a report in Bloomberg News, citing people familiar with the matter.WATCH | Why Silicon Valley Bank collapsed:The sudden collapse of Silicon Valley Bank has rattled both U.S. and Canadian markets. About That producers Kieran Oudshoorn and Lauren Bird examine what led to the bank’s failure.
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