Silicon Valley Bank’s parent company filed for bankruptcy after worry spread among its long-established customer base of tech startups, prompting regulators to seize the firm’s banking unit.
SVB Financial Group listed assets and liabilities of as much as US$10 billion 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. Concern in tech circles swelled in March after Peter Thiel’s Founders Fund and other high-profile venture capital firms advised their portfolio companies to pull money from the bank. That advice came a day after the bank’s parent company announced it would try to raise more than $2 billion following a significant loss on its portfolio.
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