Silicon Valley Bank (SVB), the collapsed lender which failed in March, has entered into an agreement to sell off its investment banking division.
The deal will see a group led by Jeff Leerink and backed by funds managed by The Baupost Group acquire SVB Securities for a combination of cash, repayment of an intercompany note and a five per cent equity instrument.
The sale will not include the company’s research business MoffettNathanson, with SVB stating that the researcher will remain part of SVB.
This is the latest sale of SVB assets since the Federal Deposit Insurance Corporation (FDIC) took over the bank in March after a bank run that wiped out more than half the market value of several US regional lenders and was the spark for the biggest banking crisis since 2008.
SVB’s loans and deposits were bought by First Citizens BancShares in March, leaving the FDIC to oversee the sale of $90 billion in securities.
SVB’s UK business was acquired by HSBC, with it being combined with units in the US, Israel and Hong Kong last week for the creation of a new unit dubbed HSBC Innovation Banking.
Latest News
-
Revolut chief exec lands ‘£350m windfall’ after share sale
-
Chainalysis acquires Alterya
-
Goldman Sachs invests in Canadian FinTech Float
-
Barclays sustainability chief steps down amid sector-wide changes in climate focus
-
London financial sector jobs slump continues as 2024 ends with sharp decline
-
Bank Alfalah acquires stake in UAE FinTech Jingle Pay
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories