The Federal Deposit Insurance Corporation has extended the bidding process for Silicon Valley Bridge Bank, it said today (20 March).
Since there has been "substantial interest" from several parties, the FDIC said both the bidders and itself needed additional time to "explore more options, maximise value and achieve an optimal outcome". To simplify the process and widen the pool of potential bidders, the regulator will also allow separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank. Silicon Valley Bridge Bank was created on 13 March by the FDIC to become the appointed receiver for SVB. SVB's parent company files for 'reorganisation' bankruptcy Whole-bank or depositary bid...
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