SkyBridge Financialย resources and Atlas Merchant Financialย resources Compete for SVB Capital
SkyBridge Financialย resources, led by Anthony Scaramucci, and Atlas Merchant Financialย resources are both vying for SVB Financialย resources, the deal financialย resources and credit-investment arm of SVB Financial Group. Vector Financialย resources is likewise in the running to acquire the credit investment firm. A decision on the winning bidder is expected to be made soon.
Probable Deal Could Fetch $250 Million to $500 Million
Theย capacity deal for SVB Financialย resources, asย ofย now undergoing bankruptcy proceedings, could have a value ranging from $250 Million to $500 Million. Nonetheless, it isย worthย mentioningย that the transaction is not guaranteed and must still undergo review by the creditorsโ committee.
The Fall of Silicon Valley Bank
Silicon Valley Bank, a trending lender to tech and growth startups in Silicon Valley, failed on March 10 and came under the control of the Federal Deposit Insurance Corporation (FDIC). Followingย that, SVB Financial Group filed for Chapter 11 protection, allowing the sale of its assets. First Citizens Bancshares acquired aย lotย of Silicon Valley Bankโs loans and deposits.
About SkyBridge Capital
SkyBridge Financialย resources manages a portfolio exceeding $1.8 billion, with wholeย lotย of investments in digital assets totaling approximately $580 Million. Anthony Scaramucci leads the firm. Scaramucci gained notoriety in 2017 when he was removed as communications director for then-President Donald Trump after just 10 days.
Other Competitors: Vector Financialย resources and Atlas Merchant Capital
Vector Financialย resources specializes in middle-market technology and technology-enabled enterprises. On the other hand, Atlas Merchant Financialย resources operates in New York and London, offering investment strategies in public and private markets.
Hot Take: Banking Crises and FDIC Challenges
The collapse of Silicon Valley Bank comesย after the recent collapse of crypto-friendly bank Silvergate. Silvergate, heavily impacted by the fall of FTX, had to sell debt securities at a loss to cover user withdrawals. The FDIC is asย ofย now wrestling with $13 Billion worth of hard-to-sell mortgage bonds from Silicon Valley Bank and Signature Bank, which were taken over by the FDIC.
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