SVB Financial plans to hand over remaining VC business to creditors

SVB Financial plans to hand over remaining VC business to creditors

SVB (Silicon Valley Bank) logo and decreasing stock graph are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration

The bankrupt parent company of Silicon Valley Bank plans to turn over its remaining venture capital business to a new, creditor-backed company while it continues to fight US regulators’ seizure of nearly $2 billion in cash, according to court documents filed on Tuesday.