Troubled SVB Monetary Group has filed a voluntary petition for court-supervised reorganization below Chapter 11 in the US Chapter Courtroom to protect worth.
Saying the information on March 17, SVB stated the funds and normal accomplice entities of SVB Securities and SVB Capital should not concerned within the chapter proceedings. The models will proceed to function as regular whereas SVB Monetary Group strikes to discover strategic choices for its companies.
SVB Monetary Group additionally emphasised that the corporate is now not affiliated with Silicon Valley Financial institution NA, or the financial institution’s non-public banking and wealth administration enterprise, SVB Pvt. The financial institution’s successor, Silicon Valley Bridge Financial institution, NA, operates below the jurisdiction of the Federal Deposit Insurance coverage Company (FDIC) and isn’t included within the Chapter 11 submitting.
It is a growing story and extra info will likely be added because it turns into accessible.
