FDIC launches sale of $18.5 billion of
Signature Bank loans
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[July 29, 2023]
(Reuters) -The U.S. Federal Deposit Insurance Corporation (FDIC)
set in motion the sale of an $18.5 billion loan portfolio from Signature
Bank this week, a set of loans linked to major private equity and
investing firms, according to the regulator's website.
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The company logo for Signature Bank is
displayed at a location in Brooklyn, New York, U.S., March 20, 2023.
REUTERS/Brendan McDermid |
The
portfolio comprises 201 performing capital-call loans tied to
Starwood Capital Group, Carlyle Group, Blackstone, Thoma Bravo
and Brookfield Asset Management, Bloomberg News reported on
Friday, citing a person familiar with the matter.
The FDIC hired Newmark Group in March to sell about $60 billion
of Signature Bank's loans, after state regulators decided to
close down the failed lender amid a turmoil in regional banks
earlier this year.
The FDIC declined to comment beyond the notice on its website.
The sale was launched on July 25 and is limited to FDIC-insured
depository institutions, the Bloomberg report said.
The notice reads that the loans for sale "consist of
subscription credit facilities to private equity funds."
(Reporting by Pritam Biswas in Bengaluru; Editing by Arun Koyyur)
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