U.S. regulators have extended the bidding period for Silicon Valley Bank and expanded the types of institutions that could bid for the embattled bank.
The Federal Deposit Insurance Corporation said it would accept separate bids for SVB Financial Group’s various businesses, including the main bank, now called Silicon Valley Bridge Bank.
- The FDIC said it is open to accepting bids from non-bank buyers for SVB’s assets.
- SVB’s assets primarily include long-dated securities that have lost value following interest rate hikes.
- The FDIC has extended the deadline for bids for SVB to Wednesday.
- On March 10, the California Department of Financial Protection and Innovation shut down SVB and appointed the FDIC as receiver.
