FDIC delays bid deadline for Silicon Valley Private Bank to Friday

Silicon Valley Bank location in San Francisco
The Silicon Valley Bank branch office is pictured in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File Photo

March 22 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) has moved the bid deadline for Silicon Valley Private Bank to Friday from Wednesday, according to a source familiar with the matter.

The private bank caters to high net-worth individuals and offers wealth management services.

The bids for the unit were initially due at 8 p.m. ET on Wednesday.

Earlier this week, the FDIC decided to break up Silicon Valley Bank and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.

The FDIC, which has held the lender under its receivership since earlier this month, declined to comment.

The regulator's move was first reported by Bloomberg News.

Reporting by Niket Nishant in Bengaluru and David French in New York; Editing by Shounak Dasgupta

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