Scaramucci leads bidding for Silicon Valley Bank VC arm: Report
1 min read
SVB Financial Group, the former parent company of Silicon Valley Bank is getting closer to a deal that will see the institution sell its venture capital arm SVB Capital.
According to a Sept. 15
Earlier this year, Silicon Valley Bank was shut down by California’s financial watchdog on March 10 and filed for bankruptcy on March 17. Prior to its collapse, Silicon Valley Bank was one of the few institutions that offered banking services to crypto companies in the United States.
Customers lining up outside of Silicon Valley Bank at its Menlo Park, CA branch. pic.twitter.com/SDNrSUC1C0
— Cointelegraph (@Cointelegraph) March 10, 2023
SVB crumbled alongside other crypto and tech-friendly banks, including Signature Bank and Silvergate Bank, in what was later seen as the worst banking crisis since 2008.
Earlier this year, the investment-banking arm of SVB Financial, known as SVB Securities, sold itself to its founder Jeff Leerink and other senior managers for $100 million.
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