In the ongoing financial crisis in the banking world, an American multinational financial services company, JPMorgan Chase & Co., is in discussion for the acquisition deal of SVB Financial Group while keeping its banking arm Silicon Valley Bank (SVB), out of the agreement. The news was first covered on Monday by Axios.
Apart from JPMorgan, the source also found the involvement of other competitors in the deal. The list includes PNC Financial Services Group Inc, Apollo Management, and Morgan Stanley.
However, juggling financial institutions, SVB needed help finding its savior in the ongoing deal. Some financial experts cite its connection with the crypto space as a reason behind SVB’s exposure to a possible buyer.
For instance, the leading stablecoin issuer, Circle, unveiled its $3.3 billion USD reserve in SVB bank, which sparked a massive sell-off in the crypto community, creating a de-pegging issue in stablecoin.
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Apollo Management claimed to be interested in financing a deal and acquiring some of the business. On the other hand, a PNC spokesperson refuted the claim by saying it wasn’t “in talks to acquire SVB Financial or Silicon Valley Bank.”
