The Federal Deposit Insurance Corporation is leading an auction to find a potential buyer for Silicon Valley Bank after the US government said it would help depositors in its efforts to stop contagion across the banking sector.
Initial bidding closed at 2pm Eastern Time, according to people familiar with the matter, although the deadline could be extended if necessary.
The search for a buyer comes as Janet Yellen assured US customers of the failed tech lender, which was taken over by the FDIC on Friday, that policies were being discussed to ensure depositors have access to their funds, despite dismissing the idea of a bailout.
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