Defunct SVB Financial Group to sell Indian subsidiary to First Citizens Bancshares
Reuters
Published Mar 20, 2024 04:30PM ET
Updated Mar 20, 2024 05:01PM ET
(Reuters) -The bankrupt parent company of Silicon Valley Bank plans to sell its entire stake in Indian subsidiary SVB Global Services India to lender First Citizens Bancshares, it said in a filing on Wednesday.
SVB Financial Group is currently seeking approval from a bankruptcy court, with a hearing scheduled for April 9. The company anticipates that the transaction will close after this hearing.
The company filed for bankruptcy last year after Silicon Valley Bank collapsed due to a bank run. The third-largest bank failure in U.S. history also brought down Signature Bank (OTC:SBNY) and wiped out more than half the market value of several other U.S. regional lenders.
First Citizens later purchased SVB's assets and deposits for up to $500 million in stock — a fraction of what the bank was worth before it failed.
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Written By: Reuters
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