Sources disclosed that the FDIC is using the investment bank Piper Sandler Companies to manage the auctions of both banks. The sources added that the FDIC hopes to sell both SVB and SNBY in their entirety, but partial offers on specific bank branches and verticals will be considered. To purchase the two financial institutions, strict rules apply, as only an existing chartered bank can submit an offer.
The reporters were also informed that bidders must not cater to cryptocurrency firms if they are to acquire SVB and SNBY. “Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added,” the report by French and Schroeder details. The Reuters account of the situation, stemming from unnamed sources, contradicts theThe New York regulator insisted that the recent bank shutdowns had “nothing to do with crypto.
he suspected the shutdown was an “anti-crypto” message. If the rules concerning purchasing SVB and SNBY are true, then it seems Frank’s suspicions may be warranted.
Guess the banks don't want to stay ahead of the times!
If that's the case, then I would choose cryptocurrency.
🥰⚡️