JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank – Axios
2023.03.13 01:33
© Reuters. FILE PHOTO: A person walks by the JPMorgan Chase & Co. New York Head Quarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew Kelly
(Reuters) – JPMorgan Chase & Co (NYSE:) and PNC Financial (NYSE:) Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
Apollo Management and Morgan Stanley (NYSE:) are also part of the discussions, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business.
None of the firms immediately respond to Reuters’ request for comment.
Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada but that had cooled on Sunday as U.S. regulators invited bids for the failed lender.
The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported.
