Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.
SVB Financial Group listed assets and liabilities of as much as $10bn each in a Chapter 11 petition filed in New York. Broker-dealer SVB Securities and venture capital arm SVB Capital aren’t included in the filing, according to a statement. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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