JP Morgan, PNC among suitors for SVB holding company

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JP Morgan and PNC are among the potential suitors in talks to acquire SVB Financial Group in a deal that would exclude the commercial bank currently under US government control, according to sources familiar with the matter.

Why it’s important: A buyer for the other SVB divisions could stabilize the businesses affected by the collapse of the commercial bank known as SVB Bank.

Status: SVB Financial Group is the holding company that, in addition to its SVB Bank business, has three other segments – wealth management, private wealth and a securities business.

Details: The holding company process is still fluid, sources said — and will continue to play out over the next few days.

  • Apollo Management and Morgan Stanley are also part of the holding company discussions, the sources said. Apollo’s interest is expected to center around financing a transaction or acquiring parts of the company, they added.

Worth nothing: The three entities, known as SVB Private, SVB Capital and SVB Securities, are significantly smaller than the SVB Bank entity now under FDIC control, the company’s 2022 10K shows.

For the record: JP Morgan, PNC, Apollo and Morgan Stanley did not immediately return calls seeking comment.

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