SVB Financial Group, the parent of Silicon Valley Bank, is under acquisition talks after the failure of the Silicon Valley Bank caused chaos in the global market and stablecoins to depeg. Big banks are considering buying SVB Financial Group, but the crypto market will remain unbanked to Silicon Valley Bank.

Big banks and firms including JPMorgan Chase & Co., PNC Financial Services, Morgan Stanley, and Apollo Management are in talks to acquire SVB Financial Group, reported Axios on March 13. However, commercial banking business Silicon Valley Bank is left out of the SVB Financial Group acquisition deal discussions. SVB Financial Group has other businesses including asset management, private wealth, and securities.

The U.S. Federal Deposit Insurance Corporation (FDIC) gave interested buyers to submit their bids before the deadline of Sunday afternoon. U.S. Treasury Secretary Janet Yellen also ruled out the probability of a government bailout of SVB.

(By Varinder Singh)