SVB Financial Group files for bankruptcy

In the US, SVB Financial Group has filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, a week after its former division Silicon Valley Bank was taken over by US regulators.

SiliconValleyBank, now under the control of the FDIC, isn’t part of the filing.

The bankruptcy filing is the largest stemming from a bank failure since Washington Mutual in 2008.