FDIC to break up SVB, seeks separate sale of private unit

Bank and non-bank financial firms will be allowed to bid on the asset portfolios, the regulator said. — Bloomberg

NEW YORK: The US Federal Deposit Insurance Corporation (FDIC) plans to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposit unit and its private bank after failing to find a buyer for the failed lender.

It will seek bids for Silicon Valley Private Bank until today and for the bridge bank until Friday. The private bank, which is housed within SVB’s retail operations, caters to high-net-worth individuals.