Bloomberg: Valley National bidding for Silicon Valley Bank

NEW YORK CITY, New York: Bloomberg News has reported that New Jersey-based Valley National Bancorp is bidding to purchase Silicon Valley Bank.

A bid has been submitted to the Federal Deposit Insurance Corp (FDIC), which now controls the Silicon Valley Bank assets, the report added.

Valley National Bancorp has not responded to a request for comment, while the FDIC has refused to confirm or comment on names being reported as potential bidders for SVB.

Reuters earlier reported that First Citizens BancShares, one of the largest buyers of failed US lenders, has also submitted a bid for Silicon Valley Bank.

The FDIC has asked for separate offers for the bank and its private arm by 24th March, after it failed to sell SVB's private banking business alongside Silicon Valley Bank over the last two weeks.

It is expected to announce a new owner as early as this weekend.