JAKARTA – JP Morgan Chase & Co is reported to initiate an acquisition of Silicon Valley Bank (SVB) Financial Group, excluding the SVB banking unit, which is currently monitored by Federal Deposit Insurance Corporation (FDIC).

Quoted from Reuters today (14/3), other renowned financial institutions, such as PNC Financial Services Group Inc, Apollo Management, and Morgan Stanley, are issued of entering discussions with other idle lenders. Apollo reportedly gains interest in funding the acquisition some of the business lines of SVB Financial Group.

When confronted, the spokesperson of PNC Financial Services Group confirms that there has yet to be a discussion regarding acquisition of SVB Financial Group or Silicon Valley Bank (SVB) itself.

On Friday (10/3), the US financial authority has officially dissolved SVB after failing to secure loans in order to improve its financial performance. The SVB management had requested USD 2.25 billion of extra funds. (LK/ZH)