The United States Federal Deposit Insurance Corporation (FIDC) began the auction process the night of March 11 for Silicon Valley banks, according to Bloomberg. report Citing an anonymous news source The auction will open just hours before the process closes on Sunday.
According to Bloomberg sources, the FDIC was looking for buyers over the weekend before the market opened on March 13. However, no final decision has been made. and may not be able to reach an agreement immediately
Previously, US Treasury Secretary Janet Yellen said during an interview that she was working with regulators to deal with the Silicon Valley bank meltdown and protect investors. But the big help has not been considered yet. She noted that regulators “Want to make sure that problems that exist in one bank do not affect other banks.”
According to Yellen, the FDIC is considering “many options,” including acquisitions from foreign banks. “We are working to resolve the situation in a timely manner,” she said.
Matt Cohen, founder and managing partner of Ripple Ventures, said on Twitter that the financial firm is offering “Aggressive lending terms” to affected companies under receivership certificates as collateral for:
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