First Citizens in talks to acquire Silicon Valley Bank - Bloomberg News (updated)

First Citizens Bancshares (Tennessee)

19/03/2023 03:53

(Adds details from the report, context)
       March 18 (Reuters) - First Citizens BancShares Inc
 FCNCA.O  is evaluating an offer for Silicon Valley Bank
 SIVB.O , Bloomberg News reported on Saturday, citing people
familiar with the matter. 
    At least one other suitor is making a serious consideration
for the collapsed lender, the report said.
        SVB and First Citizens did not immediately respond to
Reuters' request for comment outside of business hours.
     Reuters reported earlier this week that the Federal Deposit
Insurance Corp had asked banks interested in acquiring Silicon
Valley Bank and Signature Bank to submit bids by March 17.
    The auctions followed the FDIC taking over Silicon Valley
Bank last Friday and Signature Bank  SBNY.O  on Sunday, as the
collapses of the two U.S. mid-sized lenders whipsawed global
financial markets over fears of a contagion. 
    This will be the FDIC's second attempt at selling SVB after
a failed effort a week ago. The FDIC had retained investment
bank Piper Sandler Cos  PIPR.N  to run a new auction, the
sources told Reuters.

 (Reporting by Lavanya Ahire in Bengaluru; Editing by Jacqueline
Wong and Lincoln Feast.)
 ((LavanyaSushil.Ahire@thomsonreuters.com;))