Blackstone, Apollo were among bidders for SVB’s assets

Blackstone Inc and Apollo Global Management were among the bidders for some assets of collapsed Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) said on Wednesday.

PNC Financial Services, Valley Bank, Citizens Bank and BankUnited were also part of around 20 bidders, the FDIC said, adding that one or more bidders submitted more than one bid.

The bids, which closed on March 10, were followed by First Citizens BancShares purchasing all the loans and deposits of SVB later that month.

https://business.inquirer.net/393235/first-citizens-bank-to-buy-svbs-deposits-loans-from-fdic

FDIC, which took over SVB after depositors rushed to pull out their money in the bank, received equity appreciation rights in its stock worth as much as $500 million in return.

The deal announced in March said First Citizens will acquire SVB’s assets of $110 billion, deposits of $56 billion and loans of $72 billion.