SVB Financial Group, the bankrupt former parent of Silicon Valley Bank, is close to rebuilding a venture capital business it lost when federal regulators took over during a meltdown and transferred the bank to First-Citizens Bank & Trust, a lawyer said in court Tuesday.
The business, SVB Capital, is worth about $427 million and is a key part of SVB Financial’s remaining portfolio, according to court papers. The bankrupt holding company still owns the assets of the venture capital business, but the nine key employees that managed those investments now work for First Citizens, according to court documents.
“One of the benefits of moving the business over is we will no longer have to be paying First Citizens Bank fees and expenses for maintaining the system,” SVB Financial attorney James Bromley told the judge overseeing the company’s Chapter 11 case. After the company agreed to make some changes to the proposal, US Bankruptcy Judge Martin Glenn agreed to approve the bonus program.
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