TechFlow news — According to Bloomberg, citing people familiar with the matter, the U.S. Federal Deposit Insurance Corporation (FDIC) launched an auction process for Silicon Valley Bank on Saturday evening, with final bids due by Sunday afternoon.
The FDIC aims to reach a deal quickly, but no final decision has been made and there remains a possibility that no agreement will be reached. Currently, the FDIC is selling assets and will provide access to certain uninsured customer deposits on Monday, when Silicon Valley Bank branches reopen, ensuring 100% of insured deposits are protected.Source link
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