Two people with knowledge of the situation said on Thursday that Citizens Financial Group Inc. is putting together an offer to buy the private banking division of the defunct Silicon Valley Bank.

According to the reports, Citizens, one of the biggest regional banks in the US, is getting ready to submit an offer in the SVB Private business' auction.

The sources stated that the Federal Deposit Insurance Corporation (FDIC), which is in charge of the auction, had set a Friday deadline for proposals.

The sources emphasised that no agreement is guaranteed and asked to remain anonymous when discussing private discussions.

Both Citizens Financial and the FDIC, which currently has jurisdiction over the assets of Silicon Valley Bank, declined to comment.

Once Silicon Valley Bank, a lender with a focus on technology, was taken over by authorities on March 10, the FDIC attempted to sell SVB Private alongside it over the previous two weekends. Yet no agreement was reached to sell them both at once.

Since then, it has requested distinct proposals for Silicon Valley Bank and SVB Private by March 24. The procedure is not being followed by SVB Financial Group, the former parent of Silicon Valley Bank, which filed for bankruptcy last week.

High-net-worth individuals can obtain banking, wealth management, and trust services from SVB Private. Boston Private, a wealth manager bought by Silicon Valley Bank in 2021, makes up a sizable portion of it.

Acquisitions have been a part of Citizens Financial's growth. In February 2022, it successfully acquired the US East Coast branch network of HSBC Holdings Plc. Two months later, it concluded a deal to acquire Investors Bancorp, expanding its reach between New York City and Philadelphia.

According to regulatory information, the institution with headquarters in Providence, Rhode Island, is Massachusetts' third-largest bank by deposits. It is one among the top 15 banks in the US by deposits and has locations in 14 states and the District of Columbia.