Who Will Acquire SVB's Wine Division?

Rob McMillan, who was executive vp-Wine Division of Silicon Valley Bank until Friday when the Feds seized SVB, says the Wine Division was only 2% to 3% of the bank's overall business and had $1.4 billion in loans.

As to the future of anything, McMillan hasn't a clue, and there's a reason for that. The government had boasted that it was auctioning SVB, set a deadline of Sunday afternoon to submit bids. None of the largest U.S. banks made an offer although one other institution did.  That offer on Sunday was rejected by the Federal Deposit Insurance Corp.

Reportedly, the FDIC . will try to sell the bank again this week.  McMillan said a sale of the whole bank would be the best result.  If the entire bank can't be sold, McMillan hopes at least the Wine Division can be sold and things can get back to more-or-less normal.

Meanwhile, it was reported the JPMorgan Chase and PNC are both in talks to acquire the non-bank divisions of SVB Financial Group.  In addition to the bank, SVB Financial owns three other business units – asset management, private wealth and a securities business.  PNC has denied it is in talks to acquire either SVB Financial or Silicon Valley Bank.

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