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US FDIC seeking bids for Silicon Valley Bank’s German assets – Financial Times – One America News Network

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(Reuters) – The U.S. Federal Deposit Insurance Corporation has begun a sale of failed Silicon Valley Bank’s German assets, seeking bids for the lender’s $460 million portfolio of loans, leases and other assets, the Financial Times reported on Thursday.

Details of the sale were disclosed in marketing materials sent to large investors in recent days by First Financial Network, which is the loans specialist handling the sale on behalf of the FDIC, the report added.

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Last week, financial news outlet Finance Forward and business magazine Capital reported the German branch of the Silicon Valley Bank was seeking a buyer.

HSBC, which acquired the UK arm of Silicon Valley Bank, has been floated as a potential buyer in media reports.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)

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