SVB Financial seeks bankruptcy protection as banking turmoil persists
The move to seek bankruptcy protection comes after the company said on March 13 it was planning to explore strategic alternatives for its businesses.
Shares of big U.S. banks fell more than 1.5 per cent in premarket trading. Regional banks including PacWest Bancorp and First Republic Bank were down between 10 per cent and 20 per cent. SVB Securities and SVB Capital’s funds and general partner entities are not included in the Chapter 11 filing and the company said it planned to proceed with the process to evaluate alternatives for the businesses, as well its other assets and investments.
Reuters reported on Wednesday that the parent company was exploring seeking bankruptcy protection for selling assets.last Friday, making it the largest collapse since Washington Mutual went bust during the financial crisis of 2008.The tech lender was forced to sell a portfolio of treasuries and mortgage-backed securities to Goldman Sachs at a $1.8-billion loss after a rise is yields eroded value. To plug that hole, it attempted to raise $2.
The company said on Friday it has about $2.2-billion of liquidity. It had $209-billion in assets at the end of last year.
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