Defunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
Destroyed SVB logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustrationsaid on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.Kosturos was previously the restructuring chief for Washington Mutual, which collapsed during the global financial crisis in 2008 in what was the biggest bank failure in U.S. history.
SVB's plan comes after Californian regulators shuttered its banking unit on Friday following a failed share sale that drained $42 billion in deposits in a single day and sucked out liquidity at the company. SVB Capital and SVB Securities are separate divisions of SVB Financial and not part of Silicon Valley Bank, which is undergoing resolution under the jurisdiction of the Federal Deposit Insurance Corp and the U.S. Federal Reserve.
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