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The FDIC auction for SVB is said to be underway, with final bids due on Sunday


The Federal Deposit Insurance Corp. began an auction process for Silicon Valley Bank late Saturday night, with final bids due by Sunday afternoon, according to people familiar with the matter.

The FDIC is aiming for a quick deal, but a winner may not be known until late Sunday, according to one person, who asked not to be disclosed because the case is not public. No final decision has yet been made and a deal may not be reached, the people said.

FDIC representatives did not immediately respond to requests for comment outside of regular business hours.

Silicon Valley Bank collapsed into FDIC receivership on Friday after its long-standing customer base of tech startups began to worry and yanked deposits.

This story was published from an agency news agency with no edits to the text.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.