Auction procedure is apparently in progress to discover a purchaser for Silicon Valley Bank

Auction process is reportedly underway to find a buyer for Silicon Valley Bank

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An indication is published in front of the Silicon Valley Bank (SVB) head office on March 10, 2023 in Santa Clara, California.

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Federal regulators are carrying out an auction for Silicon Valley Bank, with last quotes due Sunday, according to a report from Bloomberg News.

The bank was nearby regulators on Friday after huge withdrawals a day previously developed a bank run. The Federal Deposit Insurance Corporation took control of the rely on Friday, and began an auction procedure on Saturday night, according to the report.

It is still possible that no offer is reached, the report stated.

The collapse of SVB, which was an essential gamer in the innovation start-up world, is the biggest U.S. bank failure considering that Washington Mutual in2008 That bank was then acquired by JPMorgan Chase in an offer that brought back the uninsured deposits.

An overall or partial acquisition by another bank is among the alternatives regulators are exploring this weekend. Many financiers on Wall Street and Silicon Valley anticipate a statement at some time on Sunday to information the next actions in the SVB crisis.

Read the total Bloomberg News report here.