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Silicon Valley Bank's Parent Looking at Strategic Alternatives
SVB Financial Group appointed a restructuring committee for its venture capital and investment banking arm.
SVB Financial Group (SIVB), the parent company of the failed Silicon Valley Bank, has formed a restructuring committee for its venture capital and investment banking arm to explore strategic alternatives.
SIVB's venture capital unit SVB Capital and investment banking arm SVB Securities are not part of Silicon Valley Bank, which is undergoing resolution under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve, the company said in a press release.
STORY CONTINUES BELOW
A number of government agencies Sunday evening teamed up to protect all SVB depositors. At the same time, New York regulators shut down Signature Bank (SBNY), with all depositors at that lender similarly protected.
In addition to exploring potential transactions for both of the subsidiaries, SIVB is also looking at all alternatives for addressing the roughly $3 billion of funded debt held by the holding company, which is recourse only to SIVB and not the any of the subsidiaries.
SVB Financial is being advised by investment bank Centerview Partners.
Read more: USDC Stablecoin Regains Dollar Peg After Silicon Valley Bank-Induced Chaos
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
