© Reuters. FILE PHOTO: A person walks past the JPMorgan Chase & Co. New York headquarters in Manhattan, New York, U.S., June 30, 2022. REUTERS/Andrew Kelly
(Reuters) – JPMorgan Chase & Co is in talks to acquire SVB Financial Group in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under US control, Axios said on Monday, citing sources.
PNC Financial Services Group Inc (NYSE:), Apollo Management and Morgan Stanley (NYSE:) are also in talks with the defunct lender, Axios reported, adding that Apollo was interested in financing a deal or acquiring part of the business.
A PNC spokesman told Reuters it was “not in talks to acquire SVB Financial or Silicon Valley Bank,” while the other companies did not respond to requests for comment.
Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada but had cooled on Sunday when US regulators invited bids for the failed lender.
The US Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline to submit bids for the failed Silicon Valley Bank, Reuters reported.
