Regulators at the U.S. Federal Deposit Insurance Corp (FDIC) have tapped investment bank Piper Sandler Companies to relaunch the auction of failed lender Silicon Valley Bank, people familiar with the matter said on Wednesday.
U.S. President Joseph Biden has said that U.S. taxpayers will not bear the cost of salvaging SVB because any capital shortfalls would be covered by a government fund that can place a levy on other banks. A successful sale of SVB by the FDIC, however, would help minimize such shortfalls.
SVB became last week the biggest U.S. bank to fail since the 2008 financial crisis, spreading jitters acrossand raising doubt about the future of startups that turned on the technology-focused lender for new debt financing. Among the banks that studied but decided against an offer during last weekend's auction for SVB were PNC Financial Services
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