2023-03-24 15:00:44 ET
Citizens Financial Group ( NYSE: CFG ) is preparing to submit a bid for the private banking unit of Silicon Valley Bank, which was taken over by regulators after a bank run earlier this month, Reuters reported, citing to people familiar with the matter.
The deadline for bid submissions in the auction of Silicon Valley Private Bank, which is being handled by the Federal Deposit Insurance Corp. (FDIC), has been set for Friday, the sources told Reuters, adding that no deal is certain.
On Monday, the banking regulator extended SVB's bid window after receiving "substantial interest" from multiple parties.
The former parent of SVB that filed for bankruptcy protection last week -- SVB Financial Group ( SIVB ) -- is not part of the bidding process, Reuters noted.
Shares of Providence, Rhode Island-based Citizens Financial ( CFG ) gapped up 4.5% in mid-afternoon trading as regional bank stocks led U.S. banks higher after European banks pared their decline.
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Citizens Financial said to work on bid for SVB's private banking arm