Silicon Valley Bank parent company SVB Financial is reportedly in talks to sell the bank. Because many large financial institutions have shown interest.
CNBC’s David Faber reported on the news, noting that SVB Financial had hired advisers to seek a sale. And many large financial institutions have shown interest in this bank.
The news comes amid concerns about banks’ financial stability. As the bank’s shares fell more than 60% after the sale of assets and stocks to raise funds.
SVB Financial is known for supporting crypto-friendly venture capital firms. and another bank to collapse Earlier this week, Silvergate Capital announced it would close its banking division after selling massive losses to cover over $8 billion in withdrawals amid the crypto market crash.
SVB Financial has yet to comment on a potential sale. But the company is expected to release more information soon.
However, Faber stated that due to the rapid outflow of deposits, This puts the bank in a fragile position. Even hiring a consultant to seek sales But the process was not fast enough to address bank liquidity concerns.
refer : LINK
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