2023-03-13 03:34:48 ET
- PNC Financial Services ( PNC ) and Royal Bank of Canada ( RY ) are said to have explored bidding for Silicon Valley Bank ( NASDAQ: SIVB ) as the Federal Deposit Insurance Corp. (FDIC) rushes to fund a buyer for the failed lender.
- However, interest from the two early suitors have since cooled, Reuters reported citing sources.
- The FDIC set a deadline for Sunday afternoon (March 12) for bids from potential acquirers, but no final bids have emerged yet.
- PNC ( PNC ) initially considered bidding for the entirety of Silicon Valley Bank ( SIVB ), but later explored a bid for part of the lender. PNC ( PNC ) eventually withdrew from further talks, the report said .
- RBC ( RY ) also mulled a takeover of Silicon Valley Bank ( SIVB ), but sources in the report said it was unlikely to go forward with it given the risks involved and potential regulatory challenges in Canada.
- The FDIC shuttered Silicon Valley Bank, owned by SVB Financial ( SIVB ), on Friday after customers rushed to withdraw deposits.
- Earlier, Silicon Valley Bank ( SIVB ) depositors will have access to funds on Monday .
For further details see:
PNC, RBC not to bid for Silicon Valley Bank - report