In the US today, The Federal Deposit Insurance Corp. continued the auction process for the beleaguered Silicon Valley Bank, with final bids due by Sunday afternoon, according to Bloomberg.
Any agreed sale may not be known until late Sunday, if at all. It’s still possible that no deal will be reached and the bank will become insolvent. SVB had more than $175 billion in deposits and $209 billion in total assets. The FDIC is reportedly attempting to make at least a portion of clients’ uninsured deposits available from Monday.
US Treasury Secretary Janet Yellen said on Sunday that the government would not bail out Silicon Valley Bank with public money, but added it was concerned about depositors – the vast majority being tech companies – reeling from what is the worst bank failure since the 2008 financial crisis. As TechCrunch Read Entire Article
