Race for Acquisition of Silicon Valley Bank Intensifies

Citizens Financial is reportedly preparing to submit a bid to acquire the private banking business of Silicon Valley Bank, called SVB Private, in an auction being handled by the FDIC. SVB Private provides banking, wealth management, and trust services to high-net-worth individuals. The FDIC has set a Friday deadline for offers, and no deal is certain. Citizens Financial has been expanding through acquisitions, including the purchase of HSBC's US East Coast branch network and Investors Bancorp.