The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on Friday.
Sources Say FDIC Is Working Swiftly to Sell Off SVB Assets as Final Bids Due by Sunday Afternoon
The collapse of Silicon Valley Bank (SVB) has caused a significant stir in the United States, as many believe it has revealed a weakness in the U.S. banking system. However, U.S. Treasury secretary Janet Yellen has maintained that the system is “resilient” and “safe and well-capitalized.” According to a recent Bloomberg
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