When Silicon Valley Bank was taken over by the FDIC and First Citizens agreed to buy the bank in mid-March, there was still an unresolved question for the arms of the business that were excluded from the deal: What would become of them? SVB Securities, the investment banking arm acquired by parent company SVB Financial in 2019, tried to quickly orchestrate a deal in March when SVB itself collapsed, but was unable to immediately work out a sale. The branch provides M&A advisory, capital raising, and other investment banking services in the health and tech sectors.
Now, according to SVB Financial’s most recent bankruptcy filings, investment bank Centerview Partners is in the process of orchestrating an auction of SVB Securities, and, according to SVB Financial, “various financial and strategic counterparties globally have expressed interest” in buying the division.
