Blackstone, Apollo were among bidders for SVB's assets (updated)

BankUnited

11/05/2023 24:34

(Adds details from FDIC, background on First Citizens deal in
paragraphs 3-5)
       May 10 (Reuters) - Blackstone Inc  BX.N  and Apollo
Global Management  APO.N  were among bidders for some assets of
collapsed Silicon Valley Bank, the Federal Deposit Insurance
Corporation (FDIC) said on Wednesday. 
    PNC Financial Services  PNC.N , Valley Bank, Citizens Bank
and BankUnited  BKU.N  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  FCNCA.O  purchasing all the loans and
deposits of SVB later that month. 
    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. 

 (Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Sandra
Maler and Muralikumar Anantharaman)
 ((Jahnavi.Nidumolu@thomsonreuters.com;))