PNC decides not to bid on Silicon Valley Bank as regulators struggle to find rescue buyers, source says
Publishing timestamp: 2023-03-12 21:10:40
Summary
PNC Financial Group decided not to bid on Silicon Valley Bank (SVB) after conducting initial due diligence. SVB was shut down by regulators on Friday and seized its deposits, making it the largest U.S. banking failure since the 2008 financial crisis. The Federal Reserve, FDIC, and Treasury Department announced a plan to guarantee uninsured depositors at SVB get their money back. Other potential buyers also passed on buying SVB.
Sentiment: NEUTRAL
Keywords: business news, markets, svb financial group, breaking news: investing, pnc financial services group inc, stock markets, breaking news: markets, wall street, investment strategy,