JPMorgan among suitors for SVB Financial in deal excluding SVB Bank- Axios
8:56 am Monday, March 13th, 2023
(Reuters) -JPMorgan Chase & Co is in talks to acquire SVB Financial Group in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under U.S. control, Axios reported on Monday, citing sources.
PNC Financial Services Group Inc, Apollo Management and Morgan Stanley are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business.
A PNC spokesperson told Reuters that it was “not in talks to acquire SVB Financial or Silicon Valley Bank,” while the other companies did not respond to requests 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.
(Reporting by Lavanya Ahire and Lananh Nguyen; additional reporting by Juby Babu; Editing by Savio D’Souza and Anil D’Silva)
