Business & Economy

Defunct SVB Financial Group to sell Indian subsidiary to First Citizens Bancshares

Illustration shows destroyed SVB (Silicon Valley Bank) logo

(Reuters) -The bankrupt parent company of Silicon Valley Bank plans to sell its entire stake in Indian subsidiary SVB Global Services India to lender First Citizens Bancshares, it said in a filing on Wednesday.

SVB Financial Group is currently seeking approval from a bankruptcy court, with a hearing scheduled for April 9. The company anticipates that the transaction will close after this hearing.

The company filed for bankruptcy last year after Silicon Valley Bank collapsed due to a bank run. The third-largest bank failure in U.S. history also brought down Signature Bank and wiped out more than half the market value of several other U.S. regional lenders.

First Citizens later purchased SVB’s assets and deposits for up to $500 million in stock — a fraction of what the bank was worth before it failed.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Ravi Prakash Kumar)

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