Apollo Global Management Inc , Blackstone Inc and KKR & Co 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 declined to comment, while Blackstone, KKR and SVB did not immediately respond to Reuters’ requests for comment.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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