Bidding deadline extended for bankrupt Silicon Valley Bank

The US Federal Deposit Insurance Corporation (FDIC) announced that it has extended the tender process for the bankrupt Silicon Valley Bank (SVB) in order to achieve the most appropriate outcome.

In the statement made by the FDIC, it was stated that more than one party showed interest in the SVB tender, indicating that more time is needed to maximize bids and evaluate all options.

The parties will be allowed to submit separate bids for SVB and its subsidiary, Silicon Valley Private Bank, in order to simplify the bidding process and expand the pool of potential bidders.

In the statement, it was stated that bids will be received for Silicon Valley Private Bank until 20:00 New York time on Wednesday, and it was stated that offers can be made for SVB until 20:00 on Friday.

A trustee was appointed to SVB, the 16th largest bank in the USA, on March 10, making it one of the biggest bankruptcies since the 2008 global financial crisis.

It was reported that an agreement was made for the acquisition of New York-based Signature Bank, which went bankrupt after SVB, by a subsidiary of New York Community Bank.

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