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The Guardian - US
The Guardian - US
Business
Edward Helmore

Silicon Valley Bank’s parent company files for bankruptcy

Silicon Valley Bank SVB Financial SVB SVB Financial Group First Republic SVB Capital SVB Private SVB Securities
Court-appointed administrators will unwind an investment management arm, SVB Capital, investment bank SVB Securities and wealth manager SVB Private.
Court-appointed administrators will unwind an investment management arm, SVB Capital, investment bank SVB Securities and wealth manager SVB Private. Photograph: Kori Suzuki/Reuters

Silicon Valley Bank’s parent company filed for bankruptcy protection on Friday, a week after the tech lender was taken over by federal regulators following a 36-hour surge of depositor withdrawals that triggered the worst bank collapse since the financial crisis.

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court where administrators will set about selling off assets to meet creditors claims.

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