Reports by Reuters suggest that Citizens Financial Group Inc is looking at bid to acquire the private banking business of collapsed Silicon Valley Bank. Sources have told Reuters, that Citizens Financial will take part in the auction of SVB Private, SVB's private banking business.

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The lender is the third-largest bank by deposits in the state of Massachusetts. Citizens Financial Group marks its presence in 14 states and the District of Columbia. It is ranked among the top 15 banks nationally by deposits.

The Federal Deposit Insurance Corporation (FDIC) will conduct the auction, and has set a Friday deadline for offers. The said sources, however, asserted that no deal is certain. FDIC has been trying to sell SVB Private along with SVB for the past two weeks.

Also Read: SVB, Signature – a look at largest bank failures in US history

SVB's former parent SVB Financial Group is not part of the process.

SVB Private provides banking, wealth management and trust services to high-net worth individuals. A big part of it comprises Boston Private, a wealth manager acquired by Silicon Valley Bank in 2021.

The Citizens Financial completed the purchase of the US East Coast branch network of HSBC Holdings Plc in February 2022, and Investors Bancorp, to add its presence between New York City and Philadelphia in the span of two months.

Reuters has reported that another regional lender, First Citizens BancShares, has been pursuing a bid for the entirety of the Silicon Valley Bank assets up for sale by the FDIC.

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