Exclusive-U.S. Regulator Taps Piper Sandler in New Bid to Sell Silicon Valley Bank -Sources
(Reuters) – Regulators at the US Federal Deposit Insurance Corp (FDIC) have tapped investment bank Piper Sandler Companies to relaunch the auction of failed lender Silicon Valley Bank, people familiar with the matter said on Wednesday.
The development shows how the FDIC is preparing a concerted effort to sell Silicon Valley Bank after regulators took it over last Friday and agreed on Sunday to guarantee all of its deposits. A weekend action launched by the FDIC to sell Silicon Valley Bank failed on Sunday after major banks balked at carrying out such a risky deal in a short amount of time.
The FDIC will try to sell Silicon Valley Bank in its entirety but also explore piecemeal deals, one of the sources said. The parent of Silicon Valley Bank, SVB Financial Group, said on Monday it was separately exploring options for its other assets, that include an investment bank and an investment business.
The sources requested anonymity because the matter is confidential. The FDIC, SVB and Piper Sandler did not immediately respond to requests for comment.
(Reporting by David French in New York; Additional reporting by Anirban Sen; Editing by Nick Zieminski)
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