Apollo Global Management was rebuffed by the FDIC when it first offered to buy Silicon Valley Bank’s loan book. Apollo still wants the loans — and it's working with some prominent VC firms to make it happen.
centers around Apollo Global Management, which was rebuffed by the FDIC last weekend when it offered to buy SVB’s loan book.
Apollo first reached out to VC firms last weekend, to offer liquidity options were SVB deposits not protected. Despite the government's backstop, conversations continued. Apollo doesn't want to become a bank, per se. But it could hire a bunch of SVB's relationship bankers and get a big part of the commercial business without the deposits.A new auction process could launch within days, although the FDIC hasn't disclosed when that window would open or end.
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