Apollo Global Management Inc. and Blackstone Inc. have shown interest in a loan account at Silicon Valley Bank (SVB), a subsidiary of the inactive SVB Financial Services Group. Bloomberg News gave this information on Tuesday.
Last week, California’s regulator shut down tech lender SVB after a failed share sale that saw $42 billion in deposits withdrawn in one day and raised concerns about its ramifications for financial markets. Citing people familiar with the matter, the report said the loan portfolio was viewed as a lucrative buy and bank management was not a contributing factor that led to the collapse of SVB.
Last week, the startup-focused lender failed to raise equity to cover losses of $1.8 billion. It sold $21 billion of securities available for sale at a loss as rising Treasury yields eroded its value. Apollo declined to comment, while Blackstone and SVB did not immediately respond.
