The U.S. Federal Deposit Insurance Corporation (FDIC) is the bankrupt U.S. bank Silicon Valley Bank (SVB) started the bidding process late on the 11th. This was confirmed by several people familiar with the matter. The final bid is due by the afternoon of the 12th.
The FDIC is aiming to close a deal quickly, but a buyer may not be known until late Wednesday, one of the people said, asking not to be identified. A final decision has yet to be made and a deal may not be reached, according to people familiar with the matter.
FDIC officials declined to comment on the bidding process.
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Original title:FDIC Auction for Failed SVB Underway, Final Bids Due Sunday (2)(excerpt)