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SVB successor’s auction extended by FDIC

AP – The bidding process for the successor of Silicon Valley Bank (SVB) is being extended by the Federal Deposit Insurance Corp to give more time to work out a potential deal.

The FDIC said yesterday that there’s been “substantial interest” from multiple parties for Silicon Valley Bridge Bank. The agency said it’s going to allow parties to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank to simplify the bidding process and expand the pool of possible bidders.

Qualified insured banks and qualified insured banks working with non-bank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions.

The Silicon Valley Bank logo in California, United States. PHOTO: AP