FDIC launches sale of $18.5 billion of Signature Bank loans - Bloomberg News
(Reuters) — The U.S. Federal Deposit Insurance Corporation (FDIC) set in motion the sale of an $18.5 billion loan portfolio from Signature Bank (OTC:SBNY) this week, a set of loans linked to major private equity and investing firms, Bloomberg News reported on Friday.
The portfolio comprises 201 performing capital-call loans tied to Starwood Capital Group, Carlyle Group (NASDAQ:CG), Blackstone (NYSE:BX), Thoma Bravo and Brookfield Asset Management, the report said, citing a person familiar with the matter.
The FDIC hired Newmark Group (NASDAQ:NMRK) 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 did not immediately respond to a Reuters request for comment.
The sale was launched on July 25 and is limited to FDIC-insured depository institutions, the report said, citing a notice by the regulator.
The notice reads that the loans for sale «consist of subscription credit facilities to private equity funds.»
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