Parent company of Silicon Valley Bank files for bankruptcyBy Michelle Chapman, Associated PressThe parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection on Friday, a week after the tech-focused bank failed in a sudden collapse that set off fears of wider problems in the global banking system. The filing from SVB Financial Group was widely expected, with much of the company now under the control of banking regulators. SVB Financial Group is no longer affiliated with Silicon Valley Bank after the bank was taken over by the Federal Deposit Insurance Corporation. The bank’s successor, Silicon Valley Bridge Bank, was not included in the Chapter 11 filing. SVB Financial Group believes it has approximately 2.2 billion dollars (£1.81 billion) of liquidity.

Source: Irish Independent March 18, 2023 04:38 UTC