Citizens Financial Group Inc. cfg reportedly making a bid to buy out the private banking business Of Silicon Valley BankWhich collapsed earlier this month.
Citizens, one of the largest regional banks in the US, is working to submit an offer in an auction for the business, which is called SVB Pvtreported Reuters, citing two people familiar with the matter.
Citizen Financial did not immediately respond to Benzinga’s request for comment.
SVB Private provides banking, wealth management and trust services to high-net-worth individuals. a large part of it consists of Boston PvtA wealth manager that was to be acquired by Silicon Valley Bank in 2021.
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being auctioned by Federal Deposit Insurance Corporation (FDIC), which has set a Friday deadline for the proposals, the report said. However, no deal is final, it said citing sources.
SVB Guardian SVB Financial Group had failed to raise enough cash to sustain operations, and the bank was closed. California Department of Financial Security And was taken over by the Federal Deposit Insurance Corp.
Sales Effort: The FDIC, along with Silicon Valley Bank over the past two weekends, attempted to sell SVB Pvt. The takeover was done by the regulators on 10 March.
However, she was unable to get a deal to sell both of them together, the report said. Since then, the FDIC has sought separate proposals.
Citizen is growing through financial acquisitions, reports Reuters. It ended its purchase of the US East Coast branch network. HSBC Holdings plc hsbc In February 2022. Two months later, it completed the purchase deal Investors BancorpThe report said, which added its presence between New York City and Philadelphia.
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