Finance
Bankrupt SVB Financial Seeks to Rebuild Venture Capital Business
- SVB wants venture capital business back from First Citizens
- Asset managers to return to SVB, get bonuses under proposal
A Silicon Valley Bank branch in San Francisco, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
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.