Silicon Valley Bank Financial, the holding firm of Silicon Valley Bank, is in talks to sell itself, according to CNBC, the latest turn for the technology-focused lender as it grapples with rising interest rates and many of its customers scramble to get their money out. Shares of Silicon Valley Bank Financial fell 60% Thursday, causing panic among many of its customers — and industry at large.
CNBC did not identify the buyer, but reported that Silicon Valley Bank unsuccessfully attempted to raise money from investors before exploring the sale. No official word from the company, either. The firm has halted trading Friday for an incoming news.
California-based lender spooked many of its customers on Wednesday after it announced its plans to offer $1.25 billion of its common stock to investors and a further $500 million of mandatory convertible preferred shares. General Atlantic said it had agreed to buy $500 million of the bank’s common stock in a separate private transaction.
Silicon Valley Bank Financial in talks to sell itself, report says by Manish Singh originally published on TechCrunch