FDIC selects Piper Sandler to relaunch auction of Silicon Valley Bank – Reuters

The Federal Deposit Insurance Corp. engaged Piper Sandler Cos. to relaunch the auction of Santa Clara, Calif.-based Silicon Valley Bank, the failed subsidiary of SVB Financial Group, Reuters reported, citing people familiar with the matter.

The regulator will attempt to sell the failed bank in its entirety, though it will also explore partial sales, one of the sources reportedly said.

The move comes after the FDIC failed to sell the bank in an auction last weekend. PNC Financial Services Group Inc. and Royal Bank of Canada were among the banks that ultimately decided against making an offer for Silicon Valley Bank last weekend, according to the report.

On March 13, SVB Financial Group's board announced the appointment of a restructuring committee of five independent directors to explore strategic alternatives for the holding company and its units, SVB Capital and SVB Securities, as well as its other assets and investments.

The FDIC, Silicon Valley Bank and Piper Sandler did not immediately respond to Reuters' requests for comment.