It is rumored that Citizens Financial Group, a regional bank in the United States, intends to acquire Silicon Bank's private banking business.

(Reuters)

[Financial Channel/Comprehensive Report] Two sources said on Thursday (23rd) that Citizens Financial Group (Citizens Financial Group) is preparing to bid for Silicon Valley Bank (SVB)'s private banking business (SVB Private).

The sources said any deal is still in limbo.

The auction is run by the Federal Deposit Insurance Corporation (FDIC), which has set a deadline for quotations on Friday (24th).

Please read on...

Both the FDIC and Citizens Financial declined to comment.

Since the FDIC failed to successfully auction off Silicon Silver after taking over it, it announced on Monday (20th) that it would spin off Silicon Silver and sell Silicon Silver's private banking business independently.

Silicon Silver Private Banking specializes in providing banking, wealth management and trust services to high-net-worth individuals.

"Reuters" pointed out that Citizens Financial has been expanding through acquisitions. The company completed the acquisition of HSBC Holdings Plc's US East Coast branch network in February 2022, and acquired Investment Bank (Investors Bancorp) two months later. ).

Separately, in addition to Citizens Financial, First Citizens BancShares is also trying to bid for all of Silicon Silver's assets for sale.

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