SVB Financial Group, the former parent company of failed Silicon Valley Bank, is evaluating strategic alternatives for SVB Capital and SVB Securities.
Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulatorsSVB Financial Group listed assets and liabilities of as much as $US10 billion each in a Chapter 11 petition filed in New York. Broker-dealer SVB Securities and venture capital arm SVB Capital aren’t included in the filing, according to a statement.
“SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank,” William Kosturos, chief restructuring officer for SVB Financial Group, said in the statement. “We are committed to finding practical solutions to maximise the recoverable value for stakeholders of both entities.”, with about $US209 billion in total assets as of the end of last year, the FDIC said.
Silicon Valley Bank was founded in 1983 over a poker game between Bill Biggerstaff and Robert Medearis, according to a statement from the bank’s 20th anniversary. The firm specialised in providing financial services to tech startups.SVB Financial Corp held about $US2.3 billion of cash, $US500 million of investment securities and $US475 million of other assets as of December 31, according to regulatory filings.
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