Fdic: run Signature Bridge Bank sells 20% stake of $16.8 bln real estate portfolio (updated)

Signature Bank

14/12/2023 22:29

(Adds details and background throughout)
       Dec 14 (Reuters) - The Federal Deposit Insurance
Corp-run Signature Bridge Bank said on Thursday it has sold 20%
of its equity stake in the venture that holds a $16.8 billion
real estate loan portfolio, which it had retained in
receivership of the failed bank.
    Hancock JV Bidco, which is indirectly controlled by
Blackstone  BX.N  and other investors, paid $1.2 billion for a
20% equity interest in SIG CRE 2023 Venture, wholly owned by the
Signature Bridge Bank. 
    Signature Bridge Bank was created after state regulators
closed New York-based Signature Bank in March and the FDIC took
control. 
    In September, the FDIC had announced the start of a
marketing process for the nearly $33 billion Commercial Real
Estate (CRE) loan portfolio it retained.    
    Signature Bank's demise was the third-largest failure in
U.S. banking history and came two days after authorities
shuttered Silicon Valley Bank in a collapse that stranded
billions in deposits.
    
    


 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))