Bloomberg News reported that Valley National Bancorp, owner of Valley Bank, has offered to buy Silicon Valley Bank.
News reports indicate that Valley Bank has submitted the proposal to the Federal Deposit Insurance Corporation (FDIC).
However, there is no confirmation of this news report from any party.
Such moves have After Reuters reported, citing earlier sources, First Citizens BankShares, the owner of First Citizens Bank, has made an offer to buy the business from Silicon Valley Bank as well.
The FDIC has been trying to sell Silicon Valley Bank’s private banking business along with SVB itself for the past two weeks after SVB was taken over by the FDIC on Friday, March 10. So far it has not been successful in the sale of both businesses, and the FDIC has decided to make an offer with the option of buying the bank or the bank itself. No need to buy together And with bids being accepted until last Friday (March 24), the winner is expected to be announced as early as this weekend.
By InfoQuest News Agency (26 Mar. ’23)
Tags: SVB , Silicon Valley Bank , acquisition , Valley National
