Silicon Valley Bank parent seeks bankruptcy protection : The Tribune India

Silicon Valley Bank parent seeks bankruptcy protection

SVB Financial Group is no longer affiliated with SVB

Silicon Valley Bank parent seeks bankruptcy protection

Silicon Valley Bank (SVB) logo is seen through broken glass in this picture illustration. Reuters



AP

New York, March 17

The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.

SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.

The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.

SVB Financial Group believes it has approximately USD 2.2 billion of liquidity.

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