FDIC launches sale of $18.5 billion of Signature Bank loans
The U.S. Federal Deposit Insurance Corporation (FDIC) set in motion the sale of an $18.5 billion loan portfolio from Signature Bank this week, a set of loans linked to major private equity and investing firms, according to the regulator's website.
The portfolio comprises 201 performing capital-call loans tied to Starwood Capital Group, Carlyle Group (CG.O), Blackstone (BX.N), Thoma Bravo and Brookfield Asset Management (BAM.TO), Bloomberg News reported on Friday, citing a person familiar with the matter.
The FDIC hired Newmark Group (NMRK.O) 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 declined to comment beyond the notice on its website.
The sale was launched on July 25 and is limited to FDIC-insured depository institutions, the Bloomberg report said.
The notice reads that the loans for sale "consist of subscription credit facilities to private equity funds."
