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Silicon Valley Bank | The authorities are still looking to sell the bank’s assets

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(New York) The American agency which took control of the entity created to succeed Silicon Valley Bank (SVB) after its bankruptcy indicated on Monday that it had extended the auction of its assets and was ready to sell them in several lots.

Listed for sale last week, these assets have attracted “ substantial interest from several parties ”, says the American agency responsible for guaranteeing deposits (FDIC) in a press release.

The agency, like those who submitted an offer, “needs more time to explore all the options” in order to recover as much money as possible, she adds.

Close to technology circles, SVB suddenly found itself in difficulty after the announcement of the sale of 21 billion dollars of financial securities, with a loss of 1.8 billion at the key, and its intention to raise capital. capital.

With the bank facing massive withdrawals, authorities deemed it insolvent on March 10 and took control of its assets, marking the largest bank failure in the United States since 2008.

The new entity reopened on March 13 as Silicon Valley Bank Bridge with a boss appointed to manage day-to-day business until its fate is decided.

To “simplify” the auction and expand the number of offers, the FDIC will allow interested parties to file separate files for Silicon Valley Bank Bridge, and for its private banking subsidiary Silicon Valley Private Bank in charge of the wealthiest customers. .

Banks, allied or not with non-banking establishments, can apply to recover the deposits or assets of these entities while all establishments can offer to buy back the portfolios of assets, specifies the FDIC.

Bids for Silicon Valley Private Bank are due by Wednesday evening and those for Silicon Valley Bridge Bank by Friday evening.

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