March 23 (Reuters) – Prospects Bancorp Inc (CUBI.N) is exploring a deal for all or a part of the failed Silicon Valley Financial institution (SIVB.O), Bloomberg Information reported on Thursday, citing folks acquainted with the matter.
The Pennsylvania-based lender has been searching for potential co-investors for a deal for Silicon Valley Financial institution, in line with the report.
The Federal Deposit Insurance coverage Corp (FDIC), which controls the Silicon Valley Financial institution’s belongings, declined to substantiate or touch upon the identities of potential bidders when contacted by Reuters. Prospects Financial institution didn’t instantly reply to request for a remark.
U.S. regional financial institution Residents Monetary Group Inc (CFG.N) is engaged on a bid to amass the non-public banking enterprise of failed Silicon Valley Financial institution, two sources advised Reuters earlier within the day.
The FDIC tried to promote SVB’s non-public banking enterprise alongside Silicon Valley Financial institution over the past two weekends, nevertheless, it did not clinch a deal to promote them each collectively.
It has since requested for separate gives for SVB Personal and Silicon Valley Financial institution by March 24.
Reporting by Nilutpal Timsina in Bengaluru; Modifying by Rashmi Aich
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