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ElaineLe
2023-03-12

the Elon effect

SVB Securities Management Exploring Buying Firm Back

The managers of Silicon Valley Bank’s investment banking arm are exploring ways to buy the firm back

SVB Securities Management Exploring Buying Firm Back

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In a statement released Saturday, Leerink said the appointment of FDIC as Silicon Valley Bank’s receiver won’t directly impact SVB Securities’ operations.</p><p>“We understand that the receivership of Silicon Valley Bank has caused concern among our clients and stakeholders,” Leerink said. “We want to assure you that SVB Securities is financially stable and will continue to operate as usual.”</p><p>SVB spent heavily in recent years hiring talent across Wall Street to build a competitive investment banking franchise. 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They are rushing to do a speedy deal as regulators seek a buyout for the remnants of SVB Financial Group after its Silicon Valley Bank was seized by regulators last week, one of the people said.That’s because SVB Securities could lose a lot of talent — and thus its value — through the bank’s collapse, the person said. There is no certainty that a deal will be reached and the effort could fall through, the people said. It’s also possible other potential buyers could emerge for the unit, the people added.Representatives for SVB Securities didn’t immediately respond to requests for comment about a management buyout. In a statement released Saturday, Leerink said the appointment of FDIC as Silicon Valley Bank’s receiver won’t directly impact SVB Securities’ operations.“We understand that the receivership of Silicon Valley Bank has caused concern among our clients and stakeholders,” Leerink said. “We want to assure you that SVB Securities is financially stable and will continue to operate as usual.”SVB spent heavily in recent years hiring talent across Wall Street to build a competitive investment banking franchise. 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