SVB Financial Group files for bankruptcy protection, seeks buyers for its assets

SVB Financial Group files for bankruptcy protection, seeks buyers for its assets

FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration//File Photo/File Photo

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by US regulators.