Bankrupt SVB Financial Seeks Approval to Sell Securities Unit

SVB Financial Group, the bankrupt parent of Silicon Valley Bank, is seeking to sell its non-bankrupt investment banking subsidiary in an auction, hoping to boost its value as it faces creditors’ payout demands.

SVB Financial’s request to a New York bankruptcy court on Thursday to sell off SVB Securities Holdings LLC comes as the bankrupt company spars with the Federal Deposit Insurance Corp. over access to records and $2 billion the agency seized after Silicon Valley Bank failed in March.

“Numerous parties” have expressed interest in the business, SVB Financial said. The sale could include SVB Securities Holdings or its ...