SVB Financial Group Files for Bankruptcy

SVB Financial Group has filed for Chapter 11 Protection due to the impact of the collapse of Silicon Valley Bank.

According to a Wall Street Journal report, the parent of Silicon Valley Bank is seeking Chapter 11 bankruptcy protection. The Silicon Valley Bank is not part of the filing because it is under the control of the Federal Deposits Insurance Corporation, but the SVB group is looking for new owners for its other businesses.

Breaking: Silicon Valley Bank’s parent company filed for chapter 11, opening a path to sell off business lines other than its failed bank unit https://t.co/DaeILhglh4
— The Wall Street Journal (@WSJ) March 17, 2023

This is a developing story.

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Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Source: https://beincrypto.com/svb-financial-group-files-for-bankruptcy/