Equity giants Apollo Global Management Inc. and Blackstone Inc. have reportedly stepped forward to examine a book of loans held by Silicon Valley Bank (SVB), the failed California lender seized by federal regulators last week.
Bloomberg reports its sources say Apollo and Blackstone, between them two of the world’s largest alternative asset managers, are joining investors circling SVB, according to people who asked not to be identified discussing confidential information.
The move comes barely 24 hours after the UK Treasury and the Bank of England announced they had facilitated the sale of SVB UK to HSBC, Europe’s biggest bank, thus ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits, as Breitbart News reported.
A nominal £1 ($1.2) was paid for the acquisition as elsewhere clients of the failed institution were lining up to see what they could save of their investments.
WATCH: SVB FREAKOUT: A Line Forms Outside an SVB Branch Location in Boston
President Joe Biden insisted Monday the U.S. banking system remains safe and nobody should panic after the second- and third-largest bank failures in the nation’s history happened in the span of 48 hours.
In response to the crisis, regulators guaranteed all deposits at the two banks and created a program that effectively threw a lifeline to other banks to shield them from a run on deposits.
“Your deposits will be there when you need them,” Biden told the public, seeking to project calm assurance, as Breitbart News reported.
He also said the SVB banking executives responsible for the failures would be held accountable.
In other developments, the Federal Reserve announced it would reassess its supervision of SVB.
“We need to have humility and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience,” said Michael Barr, the Fed’s vice chair for supervision, who will lead the effort.