The Federal Deposit Insurance Corporation announced Monday that the sale of Silicon Valley Bank would be broken into two parts and extended the deadline for bidding.
The FDIC said that splitting the sale into two parts, with one being SVB’s private bank and the other being its traditional deposits unit, would simplify the process of selling the firm. The move comes just over a week after SVB suddenly failed and was taken over by regulators.“There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome,” the FDIC said.
The parent company of SVB filed for bankruptcy in New York on Friday in a move that had been largely expected. Meanwhile, the fallout from SVB’s collapse is reverberating not only in America's banking system, but around the world. On Sunday, the S&P downgraded First Republic Bank's credit rating to B+ from BB+. That pushes the bank’s rating further even after the country’s biggest banks deposited $30 million into First Republic to stabilize the firm.
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