Blackstone, PNC, Apollo among 20 firms that made bids on SVB. Check full list

Reflecting the growing competition to make profit out of the assets of collapsed banks, as many as twenty firms attempted to take over Silicon Valley Bank, after its fallout in March this year. The list of bidders includes Blackstone, PNC, Apollo, BankUnited, Centennial Bank, The Bank of Nova Scotia, Bayview Acquisitions, Brex Inc., CIBC Bank USA, etc.

The list of unsuccessful bidders was released by the Federal Deposit Insudance Corp, in a posting on Wednesday, reported Bloomberg. Other than the name of failed bidders, the list mentioned the terms offers. 

The bid was ultimately won by First Citizens Bank. Its winning proposal included all the deposits as well as $72 billion of assets at a 23% discount with a loss-sharing agreement. As per the document, First Citizens was in the group of bidders who offered to take over all deposits and more than $70 billion in assets. However, the company managed to offer the lowest discount, which made it crack the deal.

 There are chances that there may be more bids than bidder because some of the firms made multiple offers, reported Bloomberg citing FDIC input.

The regulator received 10 submissions for both deposits and asset purchases including the winning bid, and five for pools of assets. It also got 10 additional bids for the private bank.

Other companies in the list of bidders

AG Wine Group (Attollo Capital / Gordian Group), New York

Apollo, New York

BankUnited NA, Miami Lakes, Florida

Centennial Bank, Conway, Arizona

The Bank of Nova Scotia, Halifax, Nova Scotia

Bayview Acquisitions, Coral Gables, Florida

Blackstone / Liberty Capital, New York

Brex Inc., Salt Lake City

CIBC Bank USA, Chicago

Citizens Bank NA, Providence, Rhode Island

Creative Planning, Overland Park, Kansas

Lido Advisors, Los Angeles

Northeast Bank, Portland, Maine

PNC Bank, Wilmington, Delaware

Reverence Capital, New York

Safra National Bank of NY, New York

Sixth Street Partners, New York

Stifel Bank & Trust, St. Louis, Missouri

Valley Bank, Passaic, New Jersey 

The disclosure of the long list of companies running behind to cash in their profit from the collapsed bank's assets, revealed the tough competition in such cases. The list also provides inputs for analysts and lawmakers who are trying to analyse the FDIC’s efforts to get the best deal for replenishing its deposit insurance fund after the failures of SVB, Signature Bank and First Republic Bank this year.

Other bids, varied widely in size and terms. One of the offers sought $28 billion in assets and another $18 billion. 

(With inputs from Bloomberg)