CARVING IT UP

SVB’s Private Division May Have a Buyer After Fiery Collapse: Report

Federal authorities began offering SVB’s private wealth management business as a separate entity for auction from the bank proper after failing to secure a bid for a package deal.

The collapsed Silicon Valley Bank’s private wealth management division has at least one interested buyer sniffing around ahead of a Friday auction deadline: Citizens Financial Group, two people familiar with the matter told Reuters on Thursday. The federal government began asking for offers for SVB Private—which provides banking and wealth management services to high-net worth customers—after failing to secure a deal to sell it alongside Silicon Valley Bank as a package deal in recent weeks. Both sources warned that no deal was confirmed, Reuters reported. Citizens, a Rhode Island-based bank, is a separate entity from the North Carolina-based First Citizens BancShares, which Bloomberg News reported over the weekend was eyeing a takeover bid for SVB’s assets in their entirety.