Apollo, Blackstone eye SVB assets - Bloomberg News
Apollo Global Management Inc and Blackstone Inc have expressed interest in a book of loans held by Silicon Valley Bank (SVB), a subsidiary of the defunct SVB Financial Services Group, Bloomberg News reported on Tuesday. Last week, Californian regulators shut down tech lender SVB after a failed share sale that saw $42 billion of deposit outflows in a day and escalated worries of a contagion across financial markets.
Apollo Global Management Inc and Blackstone Inc have expressed interest in a book of loans held by Silicon Valley Bank (SVB), a subsidiary of the defunct SVB Financial Services Group, Bloomberg News reported on Tuesday.
Last week, Californian regulators shut down tech lender SVB after a failed share sale that saw $42 billion of deposit outflows in a day and escalated worries of a contagion across financial markets. The loan portfolio is seen as an attractive buy and was not a contributing factor in the bank run that caused SVB's demise, the report said, citing people familiar with the matter.
Last week, the startup-focused lender failed to raise equity to plug a $1.8 billion hole, after it sold $21 billion worth available-for-sale securities at a loss as rising Treasury yields eroded its value. Apollo, Blackstone, and SVB did not immediately respond to Reuters' requests for comment.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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