Investing
US banking regulator seeks bids for Silicon Valley Bank’s German assets
© Reuters. FILE PHOTO: Customers wait outside as an employee enters the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File Photo
(Reuters) -The U.S. banking regulator is seeking bids for the sale of collapsed Silicon Valley Bank’s German assets, according to a Thursday notice posted on its website.
The U.S. Federal Deposit Insurance Corporation (FDIC) is inviting bids for SVB’s $460 million asset portfolio, including loans and leases, in Frankfurt and Berlin. The deadline for submission is July 19, according to the announcement.
The regulator said it will open the German branch’s data room to eligible bidders on June 20, adding that participants must hold lending authorization in Germany.
This comes in the wake of reports last week from local German media, which said that SVB’s German branch was in search of a potential buyer.
In March, Silicon Valley Bridge Bank was granted permission by German financial regulator BaFin to conduct its lending business through its SVB Germany branch.
HSBC, which acquired the UK arm of SVB, has been floated as a potential buyer, according to media reports.
The development was first reported by the Financial Times on Thursday.
Read the full article here
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