SVB Financial goes bankrupt
Bank ‘believes’ it has about $2.2 billion of liquidity and counts its equity in SVB Capital and SVB Securities among its assets
Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.
SVB Financial Group listed assets and liabilities of as much as $10 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.
Because Silicon Valley Bank was a California-chartered commercial bank and part ...