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Apollo, Blackstone eye SVB assets - Bloomberg News

World

14-03-2023 | 09:03

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Apollo, Blackstone eye SVB assets - Bloomberg News

Apollo Global Management Inc. (APO.N) and Blackstone Inc. (BX.N) have expressed interest in a book of loans held by Silicon Valley Bank (SVB), a subsidiary of the defunct SVB Financial Services Group (SIVB.O), 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, and 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, Blackstone, and SVB did not immediately respond to Reuters' requests for comment.

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