Stock Market News

SVB agrees to sell its investment banking division

2023.06.18 12:21


© Reuters. FILE PHOTO: Customers wait outside as an employee enters the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File Photo

(Reuters) – SVB Financial Group said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group.

The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash, repayment of an intercompany note, and a 5% equity instrument, the company said.

MoffettNathanson LLC, the company’s research business, was not included in the transaction, the collapsed lender said, adding that it will remain a part of the company.

The deal comes after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank in March after depositors rushed to pull out their money in a bank run that wiped out more than half the market value of several U.S. regional lenders and triggered the worst banking crisis since 2008.

First Citizens BancShares Inc bought all the loans and deposits of the failed bank in March, leaving some $90 billion in securities with the FDIC for sale.

The lender continues to evaluate strategic alternatives for its division, SVB Capital, and company’s other assets and investments, it said.

The collapse of SVB in March reverberated around the world, sending U.S. depositors fleeing smaller banks for larger cousins while the hit to confidence forced Credit Suisse into the arms of rival UBS.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,018.24 0.99%
ethereum
Ethereum (ETH) $ 1,942.77 1.00%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.29 1.30%
bnb
BNB (BNB) $ 622.96 1.82%
solana
Solana (SOL) $ 125.77 0.70%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.706435 1.05%
dogecoin
Dogecoin (DOGE) $ 0.168828 1.36%
tron
TRON (TRX) $ 0.241783 9.51%
staked-ether
Lido Staked Ether (STETH) $ 1,940.33 0.94%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,888.21 0.85%
leo-token
LEO Token (LEO) $ 9.76 0.42%
chainlink
Chainlink (LINK) $ 13.99 0.04%
the-open-network
Toncoin (TON) $ 3.59 3.13%
usds
USDS (USDS) $ 1.00 0.07%
stellar
Stellar (XLM) $ 0.27633 2.27%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,327.06 1.06%
hedera-hashgraph
Hedera (HBAR) $ 0.18918 0.39%
pi-network
Pi Network (PI) $ 1.17 11.29%
avalanche-2
Avalanche (AVAX) $ 19.10 1.54%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.12%
sui
Sui (SUI) $ 2.31 2.42%
mantra-dao
MANTRA (OM) $ 7.00 0.65%
litecoin
Litecoin (LTC) $ 90.30 1.22%
polkadot
Polkadot (DOT) $ 4.48 3.07%
bitcoin-cash
Bitcoin Cash (BCH) $ 335.03 0.02%
bitget-token
Bitget Token (BGB) $ 4.64 4.57%
ethena-usde
Ethena USDe (USDE) $ 0.999542 0.04%
weth
WETH (WETH) $ 1,943.44 1.14%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998664 0.30%
hyperliquid
Hyperliquid (HYPE) $ 14.43 10.12%
whitebit
WhiteBIT Coin (WBT) $ 28.16 1.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,066.53 1.13%
monero
Monero (XMR) $ 207.97 2.14%
uniswap
Uniswap (UNI) $ 6.45 3.04%
susds
sUSDS (SUSDS) $ 1.04 0.07%
aptos
Aptos (APT) $ 5.37 1.12%
okb
OKB (OKB) $ 53.29 1.22%
dai
Dai (DAI) $ 1.00 0.04%
near
NEAR Protocol (NEAR) $ 2.59 1.42%
pepe
Pepe (PEPE) $ 0.000007 1.76%
internet-computer
Internet Computer (ICP) $ 5.83 0.64%
mantle
Mantle (MNT) $ 0.810348 0.15%
gatechain-token
Gate (GT) $ 22.08 0.21%
ethereum-classic
Ethereum Classic (ETC) $ 17.93 1.13%
ondo-finance
Ondo (ONDO) $ 0.845633 1.05%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.89 2.17%
aave
Aave (AAVE) $ 172.76 0.69%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,043.25 0.91%