Silicon Valley Bank’s parent firm declares bankruptcy 2023

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 parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection on Friday. This comes one week after the bank’s parent company filed for protection under Chapter 11.

Although a significant portion of the corporation is now under the supervision of banking regulators, the filing that was made by SVB Financial Group was widely anticipated. The bank was taken over by the government of the United States a week ago.

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