Defunct SVB Financial Group to sell Indian subsidiary to First Citizens Bancshares

Defunct SVB Financial Group to sell Indian subsidiary to First Citizens Bancshares

FILE PHOTO: A security guard stands outside of the entrance of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small

The bankrupt parent company of Silicon Valley Bank plans to sell its entire stake in Indian subsidiary SVB Global Services India to lender First Citizens Bancshares, it said in a filing on Wednesday.