SVB Financial, former parent company of Silicon Valley Bank, files for bankruptcy
- Finance
- March 17, 2023
- No Comment
- 5
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Former FDIC Chair Sheila Bair on turmoil in the banking sector 06:15
SVB Financial, the former parent company of Silicon Valley Bank, said it had filed for bankruptcy a week after regulators shut down the tech-dependent bank following a run on the financial institution that had bankrupted it.
In a statement Friday, SVB Financial said it was no longer affiliated with Silicon Valley Bank or its private banking and wealth management unit, SVB Private, following its acquisition by the Federal Deposit Insurance Corporation. Silicon Valley Bank is not included in the Chapter 11 filing, the company said.
The bankruptcy filing also excludes the funds of SVB Securities and SVB Capital and their general partners, the statement said. The parent company continues to look for “strategic alternatives” for those businesses that continue to operate and do business for customers.
“The Chapter 11 process will allow SVB Financial Group to preserve value while evaluating strategic alternatives for its valuable businesses and assets, particularly SVB Capital and SVB Securities,” said William Kosturos, Chief Restructuring Officer of SVB Financial Group, in the statement.
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