SVB Financial Group files for bankruptcy protection, seeks buyers for its assets

SVB Financial Group files for bankruptcy protection, seeks buyers for its assets

FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration//File Photo/File Photo

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by US regulators.

The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about a financial contagion.

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