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US regulators willing to share losses for sale of Silicon Valley Bank and Signature Bank – reports
- The Financial Times reported that FDIC regulators have asked banks interested in acquiring failed lenders SVB and Signature Bank to submit bids by March 17
- SVB Financial Group, the parent company of Silicon Valley Bank, on Friday filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection
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US regulators are willing to consider the prospect of the government backstopping losses at Silicon Valley Bank (SVB) and Signature Bank if it helps push through a sale, the Financial Times newspaper reported on Friday, citing people briefed on the matter.
Sources told Reuters on Wednesday that regulators at the US Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders SVB and Signature Bank to submit bids by March 17.
However, the FDIC has not given bidders any indication of the size of losses it would be willing to backstop or any sense of how the arrangement would be structured, the people told the Financial Times.
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The FDIC did not comment on the Financial Times report.
02:30
Silicon Valley Bank collapse stuns tech firms around the world, global operations dismantled
Silicon Valley Bank collapse stuns tech firms around the world, global operations dismantled
A weekend action launched by the FDIC to sell SVB failed on Sunday after major banks balked at carrying out such a risky deal in a short amount of time.
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