Valley National bidding for Silicon Valley Bank- Bloomberg News | Inquirer Business

Valley National bidding for Silicon Valley Bank- Bloomberg News

/ 08:38 AM March 26, 2023

Valley National Bancorp is vying to buy Silicon Valley Bank, Bloomberg News reported on Saturday.

The regional bank has submitted a bid to the Federal Deposit Insurance Corp (FDIC), the report said, citing people familiar with the matter.

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The FDIC which now controls the Silicon Valley Bank assets, when asked for a comment on the report said it is not confirming or commenting on names being reported as potential bidders for SVB. Valley National Bancorp did not immediately respond to a request for comment.

First Citizens BancShares Inc, one of the biggest buyers of failed U.S. lenders, has also submitted a bid for all of Silicon Valley Bank, a source told Reuters earlier this week.

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After failing to sell SVB’s private banking business alongside Silicon Valley Bank over the last two weeks, the FDIC has asked for separate offers for the bank and its private arm by March 24. It is expected to announce a winner as early as this weekend.

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