Silicon Valley Bank in bankruptcy

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Published 18 March 2023 at 09.12

Foreign. American Silicon Valley Bank (SVB) is filing for bankruptcy through a Chapter 11 proceeding, according to a press release. However, the banking itself is not affected, as it has been taken over by the state.

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Corporate units such as SVB Securities and SVB Capital are not affected by the bankruptcy filing, and interest from others market participants have expressed for these entities.

These entities will continue operations, while SVB Financial Group evaluates various options.

SVB Securities and SVB Capital are no longer considered sister companies of Silicon Valley Bank North America or SVB Private, which is now under government control under deposit insurance rules through the Federal Deposit Insurance Corporation (FDIC).

Silicon Valley Bank collapsed after a massive bank run that started last week and has caused concern in the niche and regional banking sectors in the country.

The government bailout of the bank has, in turn, wiped out the return on US government securities and pushed the price of gold up to new record levels.

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