JP Morgan, PNC among suitors for SVB holding

According to sources familiar with the case, JP Morgan and PNC are among potential suitors in talks to acquire SVB Financial Group in a deal that would exclude the commercial bank currently controlled by the US government.

Why it matters: A buyer for the other SVB divisions could stabilize those companies affected by the collapse of the commercial bank known as SVB Bank.

Situation: SVB Financial Group is the holding company that, in addition to the SVB Bank activities, has three other segments: asset management, private equity and a securities business.

Details: The holding process is still fluid, sources said – and will continue to play out in the coming days.

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

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

For the record: JP Morgan, PNC, Apollo and Morgan Stanley did not immediately call back for comment.