Report: Silicon Valley Bank Trying to Find Buyer over the Weekend

SVB Financial Group is trying to find a buyer after its Silicon Valley Bank (SVB) unit was closed by regulators on Friday amid deposits and losses on its securities portfolio, Bloomberg reported.

“A transaction might involve selling the company’s assets piecemeal or as a whole, according to a person familiar with the matter,” Bloomberg reported. “The goal is to complete a deal by Monday, the person said, asking not to be identified discussing private matters.”

On Friday, regulators seized SVB’s assets after a bank run. The collapse marks the largest failure of a bank since Washington Mutual collapsed during the 2008 financial crisis.

As ABC News reported:

Silicon Valley Bank’s failure arrived with incredible speed, with some industry analysts on Friday suggesting it was a good company and still likely a wise investment. Silicon Valley Bank executives were trying to raise capital early Friday and find additional investors. However, trading in the bank’s shares was halted before stock market’s the opening bell due to extreme volatility.



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