JPMorgan and PNC are among the potential suitors in talks to acquire SVB Financial Group in a deal that would exclude the commercial bank currently under U.S. government control, according to sources familiar with the matter.

Why it matters: A buyer for the other SVB divisions could stabilize those businesses, which are being impacted by the collapse of the commercial bank, known as SVB Bank.

Of note: SVB Financial Group announced on Monday that it is launching a strategic alternatives process for the holding company and other assets.

• The process to sell SVB Bank continued over the weekend, with Reuters reporting that potential bidders are cooling on their pursuit. U.S. regulators backstopped the bank on Sunday night.

State of play: SVB Financial Group is the holding company that, in addition to its SVB Bank business, has three other segments — asset management, private wealth, and a securities business.

Details: The process around the holding company is still fluid, sources said — and will continue to play out over the next couple of days.

• Apollo Management and Morgan Stanley are also part of the discussions around the holding company, the sources said. Apollo's interest is expected to center around financing a transaction or acquiring parts of the business, they added.

Worth noting: The three entities, known as SVB Private, SVB Capital and SVB Securities, are considerably smaller than the SVB Bank entity now under FDIC control, the company's 2022 10K shows.

• SVB Financial Group said Monday morning that the company is seeking strategic alternatives for the holding company and SVB Capital and SVB Securities.
• SVB Capital is a venture capital and private credit fund, and SVB Securities is the investment banking business.

For the record: J.P. Morgan, PNC, Apollo and Morgan Stanley did not immediately return calls seeking comment.

Editor's note: The story was updated to include SVB Financial Group confirming the sales process of the holding company and other assets.

Michael Flaherty is an editor for Axios Pro Deals. Start your free trial at AxiosPro.com.