Citizens Financial Group (NYSE:CFG) Inc is preparing a bid to acquire the private banking arm of the collapsed Silicon Valley bank, according to a report from Reuters.
The Federal Deposit Insurance Corporation (FDIC) has set a deadline for Friday for bid offers to buy SVB Private and the large regional bank is among those expected to throw their hat in the ring, according to sources familiar with the matter.
The agency has tried to sell SVB Private alongside Silicon Valley Bank since regulators took over the assets on March 10 but has been unable to reach a deal to sell both together.
Citizens Financial, based in Rhode Island, is ranked in the Top 15 banks nationally in terms of deposits and is the third-largest bank in the state of Massachusetts.
The bank has been on the expansion path in recent years, acquiring the US East Coast branch network of HSBC Holdings PLC (LSE:HSBA) in February 2022 and Investors Bancorp just two months later.
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