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SVB Financial seeks bankruptcy protection as banking turmoil persists

Shares of big US banks fell between 1.5% and 2% in premarket trading on Friday

SVB, Silicon valley bank
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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.

Shares of big US banks fell between 1.5% and 2% in premarket trading on Friday.

Californian regulators shuttered Silicon Valley Bank last Friday, making it the largest collapse since Washington Mutual went bust during the financial crisis of

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 17 2023 | 5:52 PM IST

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