Silicon Valley Bank’s bankrupt former parent company plans to sell its subsidiary in India to First Citizens Bank for up to $21.8 million.
The proposed sale will help First Citizens “achieve synergies” with SVB banking assets that it bought after the bank collapsed, SVB Financial Group said in a court filing. First Citizens purchased most of SVB’s assets out of receivership last year after the bank collapsed amid a run on deposits.
SVB Financial, which is in Chapter 11, on Tuesday asked the US Bankruptcy Court for the Southern District of New York to approve the sale of SVB India. ...
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